Philips Leaves Leaner, Fitter Photon

Jeremy Philips has resigned as CEO of the Photon Group, the parent company of insight firms The Leading Edge and Jigsaw Research. Philips was brought in to save the debt-laden group 18 months ago, and 'though challenges remain, leaves with a sense of 'mission accomplished'.

At the time of his arrival, Photon consisted of 45 businesses, having blazed an acquisition trail and been caught out by the global downturn. Promised payouts to the leaders of acquired businesses were one of the main factors in a mountain of debt totalling around $450m.

Former News Corporation exec Philips and his team tackled the problem through sales, including its five field marketing and retail agencies to Navis Capital for $146.5m last month; recapitalisation; renegotiation of payments; and consolidation of its assets including the merging of ad agencies. Meanwhile individual agencies have followed more expansive paths - including researchers TLE and Jigsaw.

Photon now comprises just fourteen companies, including BMF, BWM and Frank PR in addition to the two research firms.


Photon Chairman Brian Bickmore said Philips and his team had achieved 'a dramatic turnaround in the past year' and added: 'Jeremy has sharpened the strategy, fixed the balance sheet, streamlined the operating structure and improved operational management. Today we have a debt-free company with a clear, focused strategy and effective management.'

Philips says he will help in the search for a successor and that his departure date has not yet been set. Citing the 'hard work and dedication' of 'talented people across the group', Philips described the last eighteen months as a 'challenging and enlightening journey' and added: 'Now is an ideal time for me to hand over to someone else to lead this company on its next stage of development.'

Web site: www.photongroup.com .