Philips win sparks Carat regional revamp

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

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