MullenLowe Philippines has rebranded as MullenLowe Treyna, following a buyout by local shareholders of Interpublic Group's holdings in Treyna Holdings, the holding company of MullenLowe Philippines. IPG will retain its direct investment in the rebranded agency.
The deal sees longtime Treyna shareholders—the Trillana and Siguion-Reyna families—"significantly" increase their equity stakes in the agency group. Mike Trillana, president and CEO of MullenLowe Treyna, will become the lead local shareholder. Leigh Reyes, who recently retired as agency president, and Abi Aquino (MullenLowe Treyna CCO) were appointed as shareholders.
While IPG has been a "fantastic" partner for over four decades, "we both felt that in uncharted times like these, it was best for local shareholders to take on the leadership mantle, as it gives the agency the agility and flexibility needed to take advantage of the opportunities in the local scene", Trillana said in statement. “The new setup means we can respond more powerfully and purposefully to our clients’ needs.”
Alex Leikikh, global CEO of MullenLowe Group, added that the deal was a continuation of MullenLowe's strategy to refine its presence and investments in the Asia-Pacific region. The announcement follows a season of change for MullenLowe in APAC. In June this year, the network's Group CEO Vincent Digonnet retired, and its local operations, the firm announced, would be overseen by Paul Soon and James Hollow, chief executives of Singapore and China and Japan and Hong Kong, respectively.
Later that month, the group announced it was selling a majority stake in Indonesia to local management, with the operation there to be renamed as MullenLowe Lintas Indonesia. Previously, the company had sold both its Vietnam and Malaysia operations to local operators.
"The geographic balance of controlled operations in core APAC hubs can complement other South East Asia markets where locally driven affiliation representation can benefit from continuity in management who are familiar with the network and network clients, but these localised businesses can be more locally focused and more responsive to changing local market needs," he contended.