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IPG CEO Michael Roth says Brexit market volatility 'should normalize'
(Michael RothIPG)
Michael Roth, the CEO of US-based advertising agency holding company Interpublic Group, has said the initial market volatility sparked by the UK voting to leave the European Union "should normalize."
Global stock markets crashed on Friday morning after the "Brexit" was officially announced. The British pound fell to a 30-year low.
At the time of writing, all the "big six" advertising agency holding groups — except for IPG, which was flat — have seen a drop in their share prices.
Ad stocks: WPP -5%, Publicis -7%, Havas - 9%, IPG 0%, Omnicom +1%, Dentsu -13%
— Lara O'Reilly (@larakiara) June 24, 2016
In a statement sent to Business Insider, Roth said:
"The decision will lead to market volatility in the short term, no question. But the UK is a key market to our clients and our own company, and together we’ll find footing in this new world. Longer-term, as long as open trade remains a priority, markets should normalize, and that’s the time-line we’re focused on."
Meanwhile, Sir Martin Sorrell, the CEO of the world's biggest advertising holding company, UK-based WPP, took a dim view on the vote to leave:
"Very disappointed, but the electorate has spoken. The resulting uncertainty, which will be considerable, will obviously slow decision-making and deter activity. This is not good news, to say the least. However, we must deploy that stiff upper lip and make the best of it. Four of WPP's top ten markets are in Western Continental Europe and we must build our presence there even further. It just underlines the importance of implementing our strategy: fast-growth markets (BRICs and Next 11), digital, data - and horizontality, which ironically means getting our people to work together, not apart!"
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