Philips win sparks Carat regional revamp

<p>HONG KONG: Carat has boosted its management team in Asia-Pacific in the </p><p>wake of the agency's mid-year win of the US$600 million global </p><p>Philips media account. </p><p><BR><BR> </p><p>Kicking off the series of promotions, regional managing director David </p><p>Liu has been named regional chief executive officer. </p><p><BR><BR> </p><p>Australia chief executive officer Richard Halmarick, Japan president Kim </p><p>Walker and India CEO Meenakshi Madhvani have been appointed regional </p><p>directors to assist Liu with development and management responsibilities </p><p>of three main regions - Pacific, North Asia and South Asia. </p><p><BR><BR> </p><p>Liu said: "The appointment of the three regional directors based in </p><p>three different cities will strengthen our management focus in key </p><p>developing markets." </p><p><BR><BR> </p><p>He also revealed that Carat was on the verge of completing several </p><p>strategic acquisitions in the region, including Japan, which would give </p><p>the agency a sharper competitive edge compared with rival media </p><p>agencies. </p><p><BR><BR> </p><p>He stressed that the agency's mergers and acquisitions strategy </p><p>represented a plan that was aimed at improving its capabilities, </p><p>increasing its media buying clout and providing added value benefits to </p><p>clients. </p><p><BR><BR> </p><p>Liu added: "Our goal is to double the agency's turnover and revenue in </p><p>Asia-Pacific in 2002. </p><p><BR><BR> </p><p>"Carat spent the last few years building a very strong media planning </p><p>and buying network in Asia-Pacific. Now we are also moving forward to </p><p>launch other integrated capabilities in order to deliver added value </p><p>services to our clients." </p><p><BR><BR> </p><p>Liu estimates the agency's billings for this year will total US$600 million. </p><p><BR><BR> </p>