WPP this week completed a transaction to take full control of its Australia/New Zealand holding group, known as WPP AUNZ.
Australia and New Zealand represent one of WPP’s largest markets worldwide, with revenues of almost $500 million and 3,800 people employed by its global agency networks.
With the completed deal the company also confirmed that WPP AUNZ CEO Jens Monsees is stepping down to pursue new opportunities.
WPP said it is searching for a new leader for its AUNZ operations and in the interim the business will be led by individual agency brand leaders, supported by WPP AUNZ CFO Chris Rollinson and an executive committee chaired by WPP COO Andrew Scott.
WPP AUNZ was formed in 2016 with the merger of STW Group, then Australia’s largest ad/marketing group, with WPP operations in the region. WPP took a 61.5% stake in the company with additional shares traded in Australia's public markets.
With the just completed transaction, minority shareholders were bought out, the operation is 100% owned by the holding company and public shares have been delisted.
The deal is part of a broader effort to streamline the holding company’s operations.