Originally released on
Revenue of $622 Million
Adjusted EBITDA of $72 million
First Quarter Results in line with Management Expectations
Reaffirms 2023 Full Year Guidance
Announces Share Repurchase Agreement for over 23.3 million Class A Shares in Stagwell Inc.
Aggregate Class A and Class C Shares reduced 8% to 267 million
New York, NY, May 9, 2023 (NASDAQ: STGW) – Stagwell Inc. (“Stagwell”) today announced financial results in line with internal expectations for the three months ended March 31, 2023.
FIRST QUARTER RESULTS:
- Revenue and EBITDA in line with management expectations
- Revenue of $622 million, a decrease of 3% versus the prior year period.
- First quarter net revenue of $522 million, a decrease of 1% versus the prior period.
- Organic net revenue decline of 3%, and excluding advocacy of 1%, versus the prior year period.
- On a two-year growth stack basis, organic net revenue growth of 21%
- First quarter net income attributable to Stagwell Inc. Common Shareholders of $0.4 million versus $13 million in the prior year period.
- First quarter Adjusted EBITDA of $72 million, a decrease of 29% versus the prior year period.
- First quarter Adjusted Earnings Per Share for Stagwell Inc. Common Shareholders of $0.13 versus $0.22 in the prior year period.
- Net new business wins of $53 million in the quarter and $212 million for the trailing twelve months.
“Stagwell is stronger than ever today with the removal of an overhang on the stock and Q1 results in line with management’s expectations, allowing us to reaffirm guidance for another year of significant growth,” said Mark Penn, Chairman and CEO of Stagwell Inc. “This quarter is compared to Q1 2022 which had 24% of organic growth compared to 14% for the year. We expect to return to double-digit growth in the later quarters, especially given strong new business wins within the quarter and after the close. We are moving forward with the Stagwell Marketing Cloud and all investors are invited to try our generative A.I. product at www.PRProphet.ai.”
“We have additionally announced entry into a definitive agreement, approved unanimously by Stagwell’s independent and disinterested directors who were advised by outside counsel and advisers, to repurchase approximately 23.3 million shares of Stagwell Inc. Class A Stock from AlpInvest,” Penn added. “I believe this purchase will help create value for shareholders in the marketplace given our undervalued stock.”
Frank Lanuto, Chief Financial Officer, commented: “Coming off a record Q1 performance in 2022, the Company posted first quarter results in a challenging environment that were in line with management expectations. We are beginning to see positive signs, including strong new business wins, and improving client conditions, which give us confidence about the outlook for the remainder of the year.”
Financial Outlook
2023 financial guidance is as follows:
- Organic Net Revenue growth of 7.5% – 10%
- Organic Net Revenue growth ex-Advocacy of 10% – 14%
- Adjusted EBITDA of $450 million – $490 million
- Free Cash Flow Conversion of 50% – 60%
- Adjusted EPS of $0.90 – $1.05
- Guidance assumes no impact from foreign exchange, acquisitions or dispositions.
* The Company has excluded a quantitative reconciliation with respect to the Company’s 2023 guidance under the “unreasonable efforts” exception in Item 10(e)(1)(i)(B) of Regulation S-K. See “Non-GAAP Financial Measures” below for additional information. |
Stock Repurchase Program
In the first quarter, the Company repurchased approximately 2.6 million shares of Class A Common Stock at an average price of $6.91 per share for an aggregate value of approximately $18 million. The remaining value of shares permitted to be repurchased was approximately $180 million as of March 31, 2023.
Stock Repurchase Transaction
On May 9, 2023, Stagwell Inc. agreed to repurchase approximately 23.3 million shares from AlpInvest Partners at a share price of $6.43 which is a total value of approximately $150 million. As announced separately, Stagwell Media LP, a shareholder in Stagwell Inc., and AlpInvest are engaged in advanced negotiations to redeem AlpInvest’s remaining interests in Stagwell Media LP., subject to final documentation. Upon completion of these transactions, AlpInvest Partners will no longer be an investor in Stagwell Inc.
Conference Call
Management will host a video webcast and conference call on Tuesday, May 9, 2023, at 8:30 a.m. (ET) to discuss results for Stagwell Inc. for the three months ended March 31, 2023. The video webcast will be accessible at https://stgw.io/Q12023Earnings. An investor presentation has been posted on our website at www.stagwellglobal.com and may be referred to during the conference call.
A recording of the conference call will be accessible one hour after the call and available for ninety days at www.stagwellglobal.com.
Stagwell Inc.
Stagwell is the challenger network built to transform marketing. We deliver scaled creative performance for the world’s most ambitious brands, connecting culture-moving creativity with leading-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our 13,000+ specialists in 34+ countries are unified under a single purpose: to drive effectiveness and improve business results for their clients. Join us at www.stagwellglobal.com.
Contacts
For Investors:
Ben Allanson
Ir@stagwellglobal.com
For Press:
Beth Sidhu
Pr@stagwellglobal.com
Non-GAAP Financial Measures
In addition to its reported results, Stagwell Inc. has included in this earnings release certain financial results that the Securities and Exchange Commission (SEC) defines as “non-GAAP Financial Measures.” Management believes that such non-GAAP financial measures, when read in conjunction with the Company’s reported results, can provide useful supplemental information for investors analyzing period to period comparisons of the Company’s results. Such non-GAAP financial measures include the following:
(1) Organic Revenue: “Organic revenue growth” and “organic revenue decline” refer to the positive or negative results, respectively, of subtracting both the foreign exchange and acquisition (disposition) components from total revenue growth. The acquisition (disposition) component is calculated by aggregating prior period revenue for any acquired businesses, less the prior period revenue of any businesses that were disposed of during the current period. The organic revenue growth (decline) component reflects the constant currency impact of (a) the change in revenue of the partner firms that the Company has held throughout each of the comparable periods presented, and (b) “non-GAAP acquisitions (dispositions), net”. Non-GAAP acquisitions (dispositions), net consists of (i) for acquisitions during the current year, the revenue effect from such acquisition as if the acquisition had been owned during the equivalent period in the prior year and (ii) for acquisitions during the previous year, the revenue effect from such acquisitions as if they had been owned during that entire year (or same period as the current reportable period), taking into account their respective pre-acquisition revenues for the applicable periods, and (iii) for dispositions, the revenue effect from such disposition as if they had been disposed of during the equivalent period in the prior year.
(2) Net New Business: Estimate of annualized revenue for new wins less annualized revenue for losses incurred in the period.
(3) Adjusted EBITDA: defined as Net income excluding non-operating income or expense to achieve operating income, plus depreciation and amortization, stock-based compensation, deferred acquisition consideration adjustments, and other items. Other items include restructuring costs, acquisition-related expenses, and non-recurring items.
(4) Adjusted Diluted EPS is defined as (i) Net income (loss) attributable to Stagwell Inc. common shareholders, plus net income attributable to Class C shareholders, excluding amortization expense, impairment and other losses, stock-based compensation, deferred acquisition consideration adjustments, discrete tax items, and other items, divided by (ii) (a) the per weighted average number of common shares outstanding plus (b) the weighted average number of Class C shares outstanding, (if dilutive). Other items includes restructuring costs, acquisition-related expenses, and non-recurring items, and subject to the anti-dilution rules.
(5) Free Cash Flow: defined as Adjusted EBITDA less capital expenditures, change in net working capital, cash taxes, interest, and distributions to minority interests, but excludes contingent M&A payments.
(6) Financial Guidance: The Company provides guidance on a non-GAAP basis as it cannot predict certain elements which are included in reported GAAP results.
Included in this earnings release are tables reconciling reported Stagwell Inc. results to arrive at certain of these non-GAAP financial measures.
This document contains forward-looking statements. within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company’s representatives may also make forward-looking statements orally or in writing from time to time. Statements in this document that are not historical facts, including, statements about the Company’s beliefs and expectations, future financial performance and future prospects, business and economic trends, potential acquisitions, and estimates of amounts for redeemable noncontrolling interests and deferred acquisition consideration, constitute forward-looking statements. Forward-looking statements, which are generally denoted by words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “create,” “estimate,” “expect,” “focus,” “forecast,” “foresee,” “future,” “guidance,” “intend,” “look,” “may,” “opportunity,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” or the negative of such terms or other variations thereof and terms of similar substance used in connection with any discussion of current plans, estimates and projections are subject to change based on a number of factors, including those outlined in this section.
Forward-looking statements in this document are based on certain key expectations and assumptions made by the Company. Although the management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. The material assumptions upon which such forward-looking statements are based include, among others, assumptions with respect to general business, economic and market conditions, the competitive environment, anticipated and unanticipated tax consequences and anticipated and unanticipated costs. These forward-looking statements are based on current plans, estimates and projections, and are subject to change based on a number of factors, including those outlined in this section. These forward-looking statements are subject to various risks and uncertainties, many of which are outside the Company’s control. Therefore, you should not place undue reliance on such statements. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events, if any.
Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Such risk factors include, but are not limited to, the following:
- risks associated with international, national and regional unfavorable economic conditions that could affect the Company or its clients;
- the continued impact of the coronavirus pandemic (“COVID-19”), and evolving strains of COVID-19 on the economy and demand for the Company’s services, which may precipitate or exacerbate other risks and uncertainties;
- inflation and actions taken by central banks to counter inflation;
- the Company’s ability to attract new clients and retain existing clients;
- the impact of a reduction in client spending and changes in client advertising, marketing and corporate communications requirements;
- financial failure of the Company’s clients;
- the Company’s ability to retain and attract key employees;
- the Company’s ability to compete in the markets in which it operates;
- the Company’s ability to achieve its cost saving initiatives;
- the Company’s implementation of strategic initiatives;
- the Company’s ability to remain in compliance with its debt agreements and the Company’s ability to finance its contingent payment obligations when due and payable, including but not limited to those relating to redeemable noncontrolling interests and deferred acquisition consideration;
- the Company’s ability to manage its growth effectively, including the successful completion and integration of acquisitions that complement and expand the Company’s business capabilities;
- the Company’s ability to develop products incorporating new technologies, including augmented reality, artificial intelligence, and virtual reality, and realize benefits from such products;
- an inability to realize expected benefits of the combination of the Company’s business with the business of MDC;
- adverse tax consequences in connection with the Transactions for the Company, its operations and its shareholders, that may differ from the expectations of the Company, including that future changes in tax law, potential increases to corporate tax rates in the United States and disagreements with the tax authorities on the Company’s determination of value and computations of its attributes may result in increased tax costs;
- the occurrence of material Canadian federal income tax (including material “emigration tax”) as a result of the Transactions;
- the Company’s unremediated material weaknesses in internal control over financial reporting and its ability to establish and maintain an effective system of internal control over financial reporting;
- the Company’s ability to protect client data from security incidents or cyberattacks;
- economic disruptions resulting from war and other geopolitical tensions (such as the ongoing military conflict between Russia and Ukraine), terrorist activities and natural disasters;
- stock price volatility; and
- foreign currency fluctuations.
Investors should carefully consider these risk factors, other risk factors described herein, and the additional risk factors outlined in more detail in our 2022 Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2023, and accessible on the SEC’s website at www.sec.gov, under the caption “Risk Factors,” and in the Company’s other SEC filings.
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CONTACT:
New York – Stagwell (NASDAQ: STGW), the challenger network built to transform marketing, announced today it will report financial results for the three and twelve months ended Mar. 31, 2023, on Tuesday, May 9, 2023, before the market open.
Stagwell will host a video webcast to review those results the same day at 8:30 AM (ET). To register and view the webcast, visit https://stgw.io/Q12023Earnings
A replay of the webcast will be available following the event at Stagwell’s website, https://www.stagwellglobal.com/investors/
About Stagwell Inc.
Stagwell is the challenger network built to transform marketing. We deliver scaled creative performance for the world’s most ambitious brands, connecting culture-moving creativity with leading-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our 13,000+ specialists in 34+ countries are unified under a single purpose: to drive effectiveness and improve business results for their clients. Join us at www.stagwellglobal.com
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Originally released on
FY22 Revenue rises to record $2.7B following sixth-consecutive quarter of double-digit growth; company doubles stock buyback program to $250M
FY22 Revenue rises to record $2.7B following sixth-consecutive quarter of double-digit growth; company doubles stock buyback program to $250M
- FY22 Pro Forma revenue growth of 21%; 16% in Q4
- FY22 Pro Forma organic net revenue growth of 14%; 8% in Q4
- Adjusted EBITDA of $451M in FY22, a 20.3% margin on net revenue
- Adjusted EBITDA of $123M in Q4, a 21.1% margin on net revenue
- FY22 Adjusted net income of $268M; $63M in Q4
- FY22 Adjusted EPS of $0.90; $0.22 in Q4
- FY22 Free Cash Flow of $270M; $268M in Q4
- FY22 Net New Business of $213M; $42M in Q4
- Reduced net debt by $47M versus prior year, ending with a net leverage ratio of 2.17x
- Issues 2023 Organic Net Revenue growth guidance of 7.5%-10% and 10%-14% ex-Advocacy
- Issues 2023 Adjusted EBITDA guidance of $450M-$490M and Free Cash Flow conversion of 50%-60%
New York, NY, March 2, 2023 (NASDAQ: STGW) – Stagwell Inc. (“Stagwell”) today announced financial results for the three months and year ended December 31, 2022.
FOURTH QUARTER AND FULL YEAR HIGHLIGHTS:
- Q4 revenue of $708 million, an increase of 16% versus the prior year period; FY22 revenue of $2,688 million, an increase of 83% versus the prior year period
- Q4 revenue growth of 16% versus the prior year period and 13% ex-Advocacy; Pro Forma FY22 revenue growth of 21% versus the prior year period and 17% ex-Advocacy
- Q4 net revenue of $583 million, an increase of 12% versus the prior period; FY22 net revenue of $2,222 million, an increase of 75% versus the prior year period
- Q4 net revenue growth of 12% versus the prior year period and 10% ex-Advocacy; Pro Forma FY22 net revenue growth of 15% versus the prior year period and 13% ex-Advocacy
- Q4 organic net revenue growth of 8% versus the prior year period and 6% ex-Advocacy; Pro Forma FY22 organic net revenue growth of 14% versus the prior year period and 12% ex-Advocacy
- Q4 Adjusted EBITDA of $123 million, an increase of 19% versus the prior year period; FY22 Adjusted EBITDA of $451 million, an increase of 78% versus the prior year period
- Q4 Adjusted EBITDA growth of 19% versus the prior period and 10% ex-Advocacy; Pro Forma FY22 Adjusted EBITDA growth of 19% versus the prior period and 12% ex-Advocacy
- Q4 Adjusted EBITDA Margin of 21.1% on net revenue; FY22 Adjusted EBITDA Margin of 20.3% on net revenue
- Q4 net loss of $28 million versus net income of $5 million in the prior year period; FY22 net income of $66 million versus $36 million in the prior year period
- Q4 net loss attributable to Stagwell Inc. common shareholders of $6 million versus net income of $1 million in the prior year period; FY22 net income attributable to Stagwell Inc. common shareholders of $27 million versus $21 million in the prior year period
- Q4 Adjusted net income of $63 million; FY22 Adjusted net income of $268 million
- Q4 Adjusted earnings per share for Stagwell Inc. common shareholders of $0.22; FY22 Adjusted earnings per share of $0.90
- Q4 net new business of $42 million; FY22 net new business of $213 million
“Stagwell closed out 2022 with industry-leading double-digit growth, strong margin expansion, record free cash flow, record earnings per share, and a net debt ratio significantly below our target. We promised to transform marketing, and we have built game-changing AI and AR-driven products as we continue to grow and transform both our business and the industry,” said Mark Penn, Chairman and CEO, Stagwell. “We look forward to another year of double-digit growth outside of our advocacy businesses in 2023, continuing our momentum.”
Frank Lanuto, Chief Financial Officer, commented: “The Company reported a record $708 million of revenue in the fourth quarter, a 16% increase over the prior year and Adjusted EBITDA of $123 million. Adjusted EBITDA margin as a percentage of net revenue rose to 21.1% for the quarter and 20.3% for the year as a result of careful cost management. Free cash flows rose to $270 million driving down the Company’s net leverage ratio to 2.17x.”
Financial Outlook
2023 financial guidance is as follows:
- Organic Net Revenue growth of 7.5% – 10%
- Organic Net Revenue growth ex-Advocacy of 10% – 14%
- Adjusted EBITDA of $450 million – $490 million
- Free Cash Flow Conversion of 50% – 60%
- Adjusted EPS of $0.90 – $1.05
- Guidance assumes no impact from foreign exchange, acquisitions or dispositions.
* The Company has excluded a quantitative reconciliation with respect to the Company’s 2023 guidance under the “unreasonable efforts” exception in Item 10(e)(1)(i)(B) of Regulation S-K. See “Non-GAAP Financial Measures” below for additional information. |
Stock Repurchase Program
On March 1, 2023, the Board authorized an extension and a $125,000,000 increase in the size of our previously approved stock repurchase program (the “Repurchase Program”). Under the Repurchase Program, as amended, we may repurchase up to an aggregate of $250,000,000 of shares of our outstanding Class A Common Stock, with any previous purchases under the Repurchase Program continuing to count against that limit. The Repurchase Program will expire on March 1, 2026.
Conference Call
Management will host a video webcast and conference call on Thursday, March 2, 2023, at 8:30 a.m. (ET) to discuss results for Stagwell Inc. for the three months and year ended December 31, 2022. The video webcast will be accessible at https://stgw.io/Q4andFYEarnings. An investor presentation has been posted on our website at www.stagwellglobal.com and may be referred to during the conference call.
A recording of the conference call will be accessible one hour after the call and available for ninety days at www.stagwellglobal.com.
Stagwell Inc.
Stagwell is the challenger network built to transform marketing. We deliver scaled creative performance for the world’s most ambitious brands, connecting culture-moving creativity with leading-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our 13,000+ specialists in 34+ countries are unified under a single purpose: to drive effectiveness and improve business results for their clients. Join us at www.stagwellglobal.com.
Contacts
For Investors:
Jason Reid
Ir@stagwellglobal.com
For Press:
Beth Sidhu
Pr@stagwellglobal.com
Basis of Presentation
The acquisition of MDC Partners (MDC) by Stagwell Marketing Group (SMG) was completed on August 2, 2021. The results of MDC are included within the Statements of Operations for the period beginning on the date of the acquisition through the end of the respective period presented and the results of SMG are included for the entirety of all periods presented.
Non-GAAP Financial Measures
In addition to its reported results, Stagwell Inc. has included in this earnings release certain financial results that the Securities and Exchange Commission (SEC) defines as “non-GAAP Financial Measures.” Management believes that such non-GAAP financial measures, when read in conjunction with the Company’s reported results, can provide useful supplemental information for investors analyzing period to period comparisons of the Company’s results. Such non-GAAP financial measures include the following:
Pro Forma Results: The Pro Forma amounts presented for each period were prepared by combining the historical standalone statements of operations for each of legacy MDC and SMG. The unaudited pro forma results are provided for illustrative purposes only and do not purport to represent what the actual consolidated results of operations or consolidated financial condition would have been had the combination actually occurred on the date indicated, nor do they purport to project the future consolidated results of operations or consolidated financial condition for any future period or as of any future date. The Company has excluded a quantitative reconciliation of Adjusted Pro Forma EBITDA to net income under the “unreasonable efforts” exception in Item 10(e)(1)(i)(B) of Regulation S-K.
(1) Organic Revenue: “Organic revenue growth” and “organic revenue decline” refer to the positive or negative results, respectively, of subtracting both the foreign exchange and acquisition (disposition) components from total revenue growth. The acquisition (disposition) component is calculated by aggregating prior period revenue for any acquired businesses, less the prior period revenue of any businesses that were disposed of during the current period. The organic revenue growth (decline) component reflects the constant currency impact of (a) the change in revenue of the partner firms that the Company has held throughout each of the comparable periods presented, and (b) “non-GAAP acquisitions (dispositions), net”. Non-GAAP acquisitions (dispositions), net consists of (i) for acquisitions during the current year, the revenue effect from such acquisition as if the acquisition had been owned during the equivalent period in the prior year and (ii) for acquisitions during the previous year, the revenue effect from such acquisitions as if they had been owned during that entire year (or same period as the current reportable period), taking into account their respective pre-acquisition revenues for the applicable periods, and (iii) for dispositions, the revenue effect from such disposition as if they had been disposed of during the equivalent period in the prior year.
(2) Net New Business: Estimate of annualized revenue for new wins less annualized revenue for losses incurred in the period.
(3) Adjusted EBITDA: defined as Net income excluding non-operating income or expense to achieve operating income, plus depreciation and amortization, stock-based compensation, deferred acquisition consideration adjustments, and other items. Other items include restructuring costs, acquisition-related expenses, and non-recurring items.
(4) Adjusted Diluted EPS is defined as (i) Net income (loss) attributable to Stagwell Inc. common shareholders, plus net income attributable to Class C shareholders, excluding amortization expense, impairment and other losses, stock-based compensation, deferred acquisition consideration adjustments, discrete tax items, and other items, divided by (ii) (a) the per weighted average number of common shares outstanding plus (b) the weighted average number of Class C shares outstanding (if dilutive). Other items includes restructuring costs, acquisition-related expenses, and non-recurring items, and subject to the anti-dilution rules.
(5) Free Cash Flow: defined as Adjusted EBITDA less capital expenditures, change in net working capital, cash taxes, interest, and distributions to minority interests, but excludes contingent M&A payments.
(6) Financial Guidance: The Company provides guidance on a non-GAAP basis as it cannot predict certain elements which are included in reported GAAP results.
Included in this earnings release are tables reconciling reported Stagwell Inc. results to arrive at certain of these non-GAAP financial measures.
This document contains forward-looking statements. within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company’s representatives may also make forward-looking statements orally or in writing from time to time. Statements in this document that are not historical facts, including, statements about the Company’s beliefs and expectations, future financial performance and future prospects, business and economic trends, potential acquisitions, and estimates of amounts for redeemable noncontrolling interests and deferred acquisition consideration, constitute forward-looking statements. Forward-looking statements, which are generally denoted by words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “create,” “estimate,” “expect,” “focus,” “forecast,” “foresee,” “future,” “guidance,” “intend,” “look,” “may,” “opportunity,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” or the negative of such terms or other variations thereof and terms of similar substance used in connection with any discussion of current plans, estimates and projections are subject to change based on a number of factors, including those outlined in this section.
Forward-looking statements in this document are based on certain key expectations and assumptions made by the Company. Although the management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. The material assumptions upon which such forward-looking statements are based include, among others, assumptions with respect to general business, economic and market conditions, the competitive environment, anticipated and unanticipated tax consequences and anticipated and unanticipated costs. These forward-looking statements are based on current plans, estimates and projections, and are subject to change based on a number of factors, including those outlined in this section. These forward-looking statements are subject to various risks and uncertainties, many of which are outside the Company’s control. Therefore, you should not place undue reliance on such statements. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events, if any.
Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Such risk factors include, but are not limited to, the following:
- risks associated with international, national and regional unfavorable economic conditions that could affect the Company or its clients;
- inflation and actions taken by central banks to counter inflation;
- the Company’s ability to attract new clients and retain existing clients;
- the impact of a reduction in client spending and changes in client advertising, marketing and corporate communications requirements;
- financial failure of the Company’s clients;
- the Company’s ability to retain and attract key employees;
- the Company’s ability to compete in the markets in which it operates;
- the Company’s ability to achieve its cost saving initiatives;
- the Company’s implementation of strategic initiatives;
- the Company’s ability to remain in compliance with its debt agreements and the Company’s ability to finance its contingent payment obligations when due and payable, including but not limited to those relating to redeemable noncontrolling interests and deferred acquisition consideration;
- the Company’s ability to manage its growth effectively, including the successful completion and integration of acquisitions that complement and expand the Company’s business capabilities;
- the Company’s ability to develop products incorporating new technologies, including augmented reality, artificial intelligence, and virtual reality, and realize benefits from such products;
- an inability to realize expected benefits of the combination of the Company’s business with the business of MDC; (the “Business Combination” and, together with the related transactions, the “Transactions”);
- adverse tax consequences in connection with the Transactions for the Company, its operations and its shareholders, that may differ from the expectations of the Company, including that future changes in tax law, potential increases to corporate tax rates in the United States and disagreements with the tax authorities on the Company’s determination of value and computations of its attributes may result in increased tax costs;
- the occurrence of material Canadian federal income tax (including material “emigration tax”) as a result of the Transactions;
- the Company’s unremediated material weaknesses in internal control over financial reporting and its ability to establish and maintain an effective system of internal control over financial reporting;
- the Company’s ability to protect client data from security incidents or cyberattacks;
- economic disruptions resulting from war and other geopolitical tensions, terrorist activities and natural disasters;
- stock price volatility; and
- foreign currency fluctuations.
Investors should carefully consider these risk factors, other risk factors described herein, and the additional risk factors outlined in more detail in our 2021 Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 17, 2022, and accessible on the SEC’s website at www.sec.gov, under the caption “Risk Factors,” and in the Company’s other SEC filings.
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Originally Released On
CONTACT:
Alex Birmingham
KWT Global
abirmingham@kwtgloblal.com
Emily Falcone
Axios
emily.falcone@axios.com
The private event will feature discussions with prominent business leaders examining the role of AI for modern PR pros and communicators
NEW YORK and AUSTIN, Texas, Feb. 22, 2023 /PRNewswire/ — Stagwell Marketing Cloud’s PRophet, the first-ever generative AI PR pitch platform built by and for modern PR professionals that predicts media interest and sentiment, will sponsor an exclusive Axios panel discussion and private reception during the upcoming SXSW 2023 Conference to discuss the future of AI for PR professionals.
The March 13 invitation-only event will feature a panel discussion exploring the ways in which AI will transform how modern communicators work, create content and exchange ideas. Attendees will include prominent leaders across business, technology and media.
Discussions will be centered around the pros and cons of advanced AI tools and techniques across the media landscape, and the outsized role innovation plays in reaching various diverse audiences with trusted news and information. Axios Communicators newsletter author Eleanor Hawkins and Axios senior media reporter Sara Fischer will moderate the panel discussions.
PRophet Founder and CEO Aaron Kwittken will be featured during a sponsored “View From the Top” session. He will conduct a live demonstration of PRophet’s newly launched generative AI product feature designed to improve the productivity and performance of communications professionals via this rapidly evolving technology.
The event will take place alongside SXSW on Monday, March 13, from 5:30–7:30 p.m. CST at The Well, 440 W 2nd St., in Austin, Texas. Individuals interested in attending can request an invite by visiting the Axios website.
About PRophet
PRophet is the first-ever generative and predictive AI SaaS platform designed by and for the PR community. The platform uses AI to help modern PR professionals become more performative, productive and predictive by generating, analyzing and testing content that predicts earned media interest and sentiment.
PRophet was founded in 2020 by PR and marketing industry thought leader and entrepreneur Aaron Kwittken and is part of the Stagwell Marketing Cloud, a suite of SaaS and DaaS solutions that powers research, communications, and media activation for in-house marketers. To learn more, visit prprophet.ai.
About Stagwell
Stagwell is the challenger network built to transform marketing. We deliver scaled creative performance for the world’s most ambitious brands, connecting culture-moving creativity with leading-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our 13,000+ specialists in 34+ countries are unified under a single purpose: to drive effectiveness and improve business results for their clients. Join us at www.stagwellglobal.com
About Axios
Axios is a digital media company delivering trustworthy breaking news and invaluable insights to help readers and viewers get smarter, faster across the topics reshaping our lives in politics, tech, business, media, science and the world. Axios was created around a simple proposition: deliver the cleanest, smartest, most efficient, and trust-worthy experience for readers and advertisers alike.
Media Contact
Alex Birmingham
KWT Global
abirmingham@kwtgloblal.com
Emily Falcone
Axios
emily.falcone@axios.com
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MAJORITY OF VOTERS THINK BIDEN ACTED TOO SLOWLY ON CHINESE SPY BALLOON 69% OF VOTERS NOW THINK CHINA IS PLANNING TO INVADE TAIWAN WITHIN 3 YEARS
NEW YORK and CAMBRIDGE, Mass., Feb. 17, 2023 /PRNewswire/ — Stagwell (NASDAQ: STGW) today released the results of the February Harvard CAPS / Harris Poll, a monthly collaboration between the Center for American Political Studies at Harvard (CAPS) and the Harris Poll and HarrisX.
President Biden’s approval rating remains at 42% after a dramatic State of the Union that voters wanted to focus more on the economy. A majority of Americans want more answers on the Chinese surveillance balloon and are increasingly concerned about Chinese spying and a potential invasion of Taiwan. Download key results from the poll here.
“President Biden didn’t get a bump from the State of the Union because it was designed to keep moderate Democrats in the fold, not reach outside the base,” said Mark Penn, Co-Director of the Harvard-CAPS Harris Poll and Stagwell Chairman and CEO. “China and Taiwan may become the biggest foreign policy issue in the next election cycle as Americans put a premium on a president who can deter growing Chinese aggression. The presidential race is still in early stages but we already see the theme will be the old guard fighting to keep their power against a new guard wondering if it’s their time.”
BIDEN HASN’T RECEIVED A BUMP FROM THE STATE OF THE UNION
- Biden’s State of the Union was received in a partisan manner: voters were split 50-50 on whether they found the speech favorable, and his approval rating remains at 42%.
- 35% of voters said they did not watch any of the speech.
- Voters said they wanted Biden to focus his speech more on inflation, the economy, and immigration.
- On Biden’s back-and-forth with Republicans on entitlements: 56% of voters believe Republican members of Congress are trying to cut Social Security and Medicare.
VOTERS CONTINUE TO WANT SPENDING CURBS INCLUDING SOCIAL SECURITY REFORM
- Most voters continue to side with the Republicans on the looming debt ceiling fight: 62% want Congress to raise the limit only with spending constraints, and 63% think Democrats should negotiate.
- Voters acknowledge Medicare and Social Security can’t continue without change: 57% think Medicare and Social Security do need reforms to remain solvent.
NIKKI HALEY GETS SOME MOMENTUM IN AN OPEN REPUBLICAN FIELD
- Nikki Haley rises after her presidential campaign announcement although most voters are still not familiar with her: among GOP voters she rose to third place in a potential GOP primary that does not feature Trump.
- Ron DeSantis is slipping slightly: among GOP voters he dropped 10 points in a potential GOP primary without Trump although he is still the frontrunner.
- The GOP field is wide open: only 54% of Republican and Independent voters think Trump will win the GOP primary if he runs.
AMERICANS ARE CHINA HAWKS ON SURVEILLANCE BALLOON AND ARE WORRIED ABOUT TAIWAN
- The shot-down surveillance balloon is a major concern to Americans: 66% of voters think it represented a challenge to US sovereignty by China.
- Americans thought Biden did too little in response: 63% think the Biden administration acted too slowly in shooting down the balloon.
- Americans also want more answers on the balloon and subsequent shot-down aerial objects: 82% support Congress investigating, and 75% want Biden to disclose what the administration knows.
- Americans are concerned about China’s aggression in other areas: 69% of voters think China is planning to invade Taiwan in the next 3 years.
AMERICANS DOUBT BIDEN ON FOREIGN POLICY ACROSS THE WORLD
- Biden’s foreign policy approval is low: 40% of voters think Biden has not done a good job on foreign policy including Afghanistan, Ukraine, and China – compared to 27% who think he has done a good job.
- 56% of voters think Biden is not up to handling challenges from China, Russia, and Iran.
AMERICANS STILL SUPPORT BIG TECH BUT ARE SUSPICIOUS OF TIKTOK
- 60-70% of voters do not want Big Tech companies (Google, Facebook, Amazon, or Microsoft) to be broken up.
- TikTok faces more suspicion: 59% of voters think TikTok spies on its US users.
- Voters are split on a full TikTok ban: 46% think TikTok should be allowed to operate in the US only if the app undergoes regular security reviews of its code base; 42% support a total ban.
- The FTC is seen as partisan: 48% of voters think it acts as a Democratic agency.
The February Harvard CAPS / Harris Poll survey was conducted online within the United States from February 15-16, 2023, among 1,838 registered voters by The Harris Poll and HarrisX. Follow the Harvard CAPS Harris Poll podcast at https://www.markpennpolls.com/ or on iHeart Radio, Apple Podcasts, Spotify, and other podcast platforms.
About The Harris Poll
The Harris Poll is a global consulting and market research firm that strives to reveal the authentic values of modern society to inspire leaders to create a better tomorrow. It works with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. One of the longest-running surveys in the U.S., The Harris Poll has tracked public opinion, motivations, and social sentiment since 1963, and is now part of Stagwell, the challenger holding company built to transform marketing.
About the Harvard Center for American Political Studies
The Center for American Political Studies (CAPS) is committed to and fosters the interdisciplinary study of U.S. politics. Governed by a group of political scientists, sociologists, historians, and economists within the Faculty of Arts and Sciences at Harvard University, CAPS drives discussion, research, public outreach, and pedagogy about all aspects of U.S. politics. CAPS encourages cutting-edge research using a variety of methodologies, including historical analysis, social surveys, and formal mathematical modeling, and it often cooperates with other Harvard centers to support research training and encourage cross-national research about the United States in comparative and global contexts. More information at https://caps.gov.harvard.edu/.
Media Contact:
Sarah Arvizo
pr@stagwellglobal.com
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Concentric Health Experience and Scout bring 20+ years of marketing experience to the next evolution of the health agency model.
NEW YORK, Feb. 16, 2023 /PRNewswire/ — Concentric Health Experience and Scout announced today that the two agencies are coming together to form ConcentricLife, a unique “common-center” agency model built to help brands answer rising consumer demands in rare disease, health and wellness.
“The human health experience has arrived, and it is our ambition to help our clients deliver it. The speed of customer’s expectations has outpaced the current agency models that marketers rely on – there’s a mismatch,” said Ken Begasse, founder of Concentric Health Experience and CEO of ConcentricLife. “The ConcentricLife model puts distinct customer expertise needed by marketers at the very center of life and our agency services.”
To fulfill that vision, ConcentricLife is powered by deep insights from the Human Connection Score™, a proprietary tool that helps marketers identify and target the underlying human behaviors that fuel the modern health experience.
Marketing Centers of Excellence will act as connective tissue infusing shared learnings across the organization. These include the central practice of Experience Design (composed of innovation, engagement and ideation) along with specialized capabilities in social, medical communications, commercial strategy, and content production.
“To create relevant brands, the modern marketer must be a customer experience expert, able to connect insight to real solutions that strengthen brand affinity. ConcentricLife is a model uniquely designed to deliver that across the complete human health and wellness journey,” said Michael Sanzen, Founder, Creative of ConcentricLife.
ConcentricLife will be led by principals Ken Begasse Jr., Founder, Chief Executive Officer; Michael Sanzen, Founder; Jennifer Brekke, President; and Raffi Siyahian, Commercial Strategy.
The new agency represents the realized vision of interagency collaboration between leaders at Concentric Health Experience, a 9x Agency of the Year; Scout, the longest-running rare disease agency; and Scout Consumer, a creative-driven shop focused on insurgent brands in food and wellness, to build a new agency model fueled by the depth of 20+ years of specialist health experience and the breadth of sophisticated marketing capabilities across these powerhouse agencies.
“Scout and Concentric have increasingly joined forces to pull expert talent across our organizations for our clients. Through this collaboration, we saw how deep subject matter expertise could inject fresh thinking into our clients’ work in the health and wellness space,” said Jennifer Brekke, founder of Scout and President of ConcentricLife. “And, from what we see in our competitive set, there’s a distinct gap for an agency that marries these kinds of specialist practices and flexible talent to build teams that place the consumer’s holistic health experience as the central point of every brief.”
ConcentricLife comprises over 270 employees across the globe, including New York, San Diego, Chicago, Atlanta, Ft. Lauderdale, London, and Copenhagen; and is part of Stagwell (NASDAQ: STGW), the challenger network built to transform marketing. For more information, please visit www.concentric.life.
About ConcentricLife
ConcentricLife is an agency built to answer the rising customer demand on the health marketer. ConcentricLife spans three distinct specialist practices that bring over 20 years of deep subject matter expertise in rare disease, healthcare, and wellness, with sophisticated marketing capabilities spanning the organization. We put Health at the Center through our proprietary Human Connection Score™ designed to build optimal brand experiences at any stage of the health journey. For more information, visit www.concentric.life.
About Stagwell
Stagwell is the challenger network built to transform marketing. We deliver scaled creative performance for the world’s most ambitious brands, connecting culture-moving creativity with leading-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our 13,000+ specialists in 34+ countries are unified under a single purpose: to drive effectiveness and improve business results for their clients. Join us at www.stagwellglobal.com.
Contact:
Sarah Arvizo
Pr@stagwellglobal.com
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Launched in 2020, the Program is Built to Serve Organizations Supporting Black and Systemically Excluded Communities
NEW YORK and PORTLAND, Ore., Feb. 8, 2023 /PRNewswire/ — Instrument, a leading digital agency within Stagwell (NASDAQ: STGW), opened applications today for its Build. Grow. Serve. (BGS) pro bono program, an ongoing $3 million agency commitment to support and empower Black and systemically excluded communities. Applications are open at this link. The program includes three tenets:
- Build, in which Instrument donates hours of design, strategy and development work to nonprofit organizations
- Grow, Instrument’s donation matching initiative, which to date has contributed over $355,000 to organizations advancing equity
- Serve, a volunteer time-off benefit, affording each Instrument employee 16 hours of paid time off per year to volunteer with nonprofits of their choosing
Instrument seeks applications from organizations that are working to support Black & systemically excluded communities.

Instrument seeks applications from organizations that are working to support Black and systemically excluded communities, fight prejudice, or pursue a more just and inclusive future. Selected organizations will receive pro bono support from Instrument, including strategy, creative, and technology services, to accelerate the impact their organizations are delivering to these communities. The partnership will culminate in a completed project by the end of 2023.
“Our Build. Grow. Serve. program is foundational to who we are at Instrument – and representative of how we think all companies need to show up in today’s world,” said Kara Place, CEO, Instrument. “Our partnerships with organizations that are actively making the world a better place allow us to amplify their work and mission, and provide opportunities for our employees to use their skills in meaningful ways.”
In 2022, the program supported BlackSpace, a collective or urbanists, architects, policymakers, artists, and advocates co-creating spaces that affirm and amplify Black presence in public spaces. During the partnership, Instrument created an evolved brand, design system, and a reimagined digital experience that empowers the organization to scale its mission.
“We can’t believe our eyes – the final results are beyond what we could’ve imagined. Instrument has given us something really special, and we’re so happy with all the hard work of everyone involved,” said BlackSpace Co-Managing Director Emma Osore. “The attention to creating approachable language and guides, providing updates at every turn, and sensitivity to our budget were especially generous touches that did not go unnoticed and were highly appreciated.”
Work completed for Instrument’s inaugural BGS partner, BankBlackUSA, a grassroots organization with a mission to promote financial advocacy in Black communities, was recognized in Fast Company’s 2022 Innovation by Design Awards across three key categories: Finance, Graphic Design and Impact.
To apply for the 2023 BGS program, complete this short application form , outlining your organization’s mission, goals, and the type of support needed. Applications will close Wednesday, March 10. For questions about the application, please contact Shanelle Felice, Associate Director, Business Development and Build. Grow. Serve co-lead at shanelle.felice@instrument.com.
About Instrument
Instrument is a values-driven digital agency with offices in Portland, Oregon, Brooklyn, New York, and Los Angeles, California. We are a dynamic group of creative technologists and storytellers that use the power of design and technology to co-create groundbreaking work with our clients. We connect brands like never before—helping organizations reimagine the most valuable pieces of their digital ecosystem. With deep talent in the areas of Strategy, Design, Development and Content Creation, we build modern experiences for ambitious brands.
About Stagwell
Stagwell is the challenger network built to transform marketing. We deliver scaled creative performance for the world’s most ambitious brands, connecting culture-moving creativity with leading-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our 13,000+ specialists in 34+ countries are unified under a single purpose: to drive effectiveness and improve business results for their clients. Join us at www.stagwellglobal.com.
Contact: Brandon Dixon; pr@stagwellglobal.com
SOURCE Stagwell Inc.
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Insights Rooted in New Whitepaper from NRG, “Building Brand Fandom at the Super Bowl”
NEW YORK and PHOENIX, Feb. 8, 2023 /PRNewswire/ — Research from Stagwell‘s (NASDAQ: STGW) National Research Group (NRG), a global insights leader at the intersection of technology, content, and culture, proves the value for brand activation at major sporting events like the Super Bowl in its newest whitepaper, “Building Brand Fandom at the Super Bowl.” In the report, NRG outlines “the anatomy of a fan” by analyzing Super Bowl fans and non-Super Bowl fans’ responses to questions around their excitement for the game, the advertisements, viewing habits, social media consumption, perceptions of the brands involved, and more.
“We encourage brands to think about the massive potential of cultural moments like these as driving forces for business.
The whitepaper is the second iteration of NRG’s “Brand Fandom” platform in the lead up to Stagwell’s Sport Beach activation at Cannes 2023, tapping into the cultural zeitgeist of sport to unpack the journey to fandom across key categories and audiences, and the value for brands in making fans out of their communities.
“There’s no question the Super Bowl is a pinnacle of culture-moving sports events, drawing everyone from committed NFL fans to passive viewers looking to be entertained,” said NRG EVP, Brand Strategy and Innovation, Fotoulla Damaskos. “In this installment of our research, we proved our hypothesis that the same attributes that draw people to sports – community, creativity, exclusivity – are the same ones that drive brand fandom. We encourage brands to think about the massive potential of cultural moments like these as driving forces for their business.”
“There are few events that command such an energized fan base as the Super Bowl, and combined with the buzz before, during, and after a big sporting event, it’s a no-brainer for brands to become part of the conversation if they want to harness that kind of deeply rooted passion for their own brand,” said Stagwell EVP, Chief Marketing Officer Ryan Linder.

Research found that when compared to non-fans, Super Bowl fans are more than just a large captive audience. They are coveted, as they are more likely to be:
- Advocates: 86% enjoy talking about the products and brands they love with other people (vs. 69% of non-SB fans) and are 1.5x more likely to share on social media about brands and products they love than non-SB fans.
- Enthusiasts: 85% like to be in the know about what’s new and next (vs. 62% of non-SB fans), and 69% like to follow their favorite brands on social media (vs. 51% for non-SB fans).
- Connectors: 76% feel a strong connection with people who like the same products/brands that they like (vs. 58% of non-SB fans) and are 1.5x more likely to say that people often ask for their opinions on brands, products, or services.
Added Highlights
- Of those who plan to watch, 96% say they are a big fan of at least one brand advertising at the Super Bowl – much greater than those who say they are big fans of either the Kansas City Chiefs or the Philadelphia Eagles (32%).
- Fans are just as excited to watch the commercials (89%) as they are the game itself (86%) and the halftime show (85%).
- 87% say the commercials in the Super Bowl set the tone for brand buzz for a long time after the game.
- 41% say they have become a fan of a product because of its Super Bowl commercial.
- 56% say past Super Bowl commercials have deepened a connection they had with a brand.
Brand Innovators Sports Marketing Upfronts
Ahead of the Big Game, the research will take center stage at the “Anatomy of a Fan: Building Brand Passion” panel today, hosted by Brand Innovators and taking place at 10:50 a.m. MST at Hotel Valley Ho. Brand leaders and marketing experts, including Stagwell’s Linder and NRG’s Damaskos, Diageo Senior Vice President of Whiskeys Portfolio in North America Sophie Kelly, and United Airlines Managing Director, Global Sponsorships and Inclusive Partnerships Jennifer Entenman, will answer questions such as:
- How are you harnessing fan power to keep consumers engaged with your brand?
- How much do experiences like the Super Bowl help brands connect to new audiences?
- How can brands continue to leverage and build upon buzz even after the Super Bowl?
To attend the panel and other programming, please register with Brand Innovators here. NRG introduced the research platform at Advertising Week 2022 with “The Power of Brand Fandom.”
Methodology
Data used in this report comes from a study of 1,003 US consumers, ages 18 to 65, conducted from Jan. 27-30, 2023, representative of the national population in terms of age, gender and ethnicity.
About National Research Group
National Research Group is a leading global insights and strategy firm at the intersection of entertainment and technology. Rooted in four decades of industry expertise, the world’s leading marketers turn to us for insights into growth and strategy for any content, anywhere, on any device. Working at the confluence of content, culture and technology, NRG offers insights for bold storytellers everywhere. To learn more, please visit www.nationalresearchgroup.com, and follow us on LinkedIn and Instagram.
About Stagwell
Stagwell is the challenger network built to transform marketing. We deliver scaled creative performance for the world’s most ambitious brands, connecting culture-moving creativity with leading-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our 13,000+ specialists in 34+ countries are unified under a single purpose: to drive effectiveness and improve business results for their clients. Join us at www.stagwellglobal.com.
Media Contact
Sarah Arvizo
pr@stagwellglobal.com
SOURCE Stagwell Inc.
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Industry Veteran Joins Growth Team Led by Global CMO Ryan Linder
NEW YORK and LONDON, Feb. 7, 2023 /PRNewswire/ — Stagwell (NASDAQ: STGW), the challenger network built to transform marketing, has appointed Helen Lafford as senior vice president, chief growth officer for the United Kingdom (U.K.) and Europe. Based in London, Helen will help shepherd international growth for the network, with the goal to spearhead cross-agency new business development in the region.
“I’m delighted to join the most transformational and forward-thinking team in marketing.”
Helen Lafford, Senior VP, Chief Growth Officer, U.K. and Europe, Stagwell
A 25-year industry veteran, Helen joins from global media agency Initiative, where she served as EMEA head of growth and led wins across major reviews including Nike EMEA, Arla, ING, Amazon, and AstraZeneca, spurring record-setting growth for the agency. Prior to that, Helen represented Publicis Groupe’s Blue 449 advertising agency on the founding team of Project Everyone, a nonprofit creative communications agency, providing global media support for the announcement of the 2015 United Nations Global Development Goals. She went on to serve as Blue 449’s global head of special projects prior to joining Initiative. And previously she was Business Director at Mindshare Worldwide, where she managed a wide portfolio of accounts from IBM, Nestlé, Mondelez, Kimberly Clark EMEA, Zegna and the global Rolex account.
“I love the diverse and exhilarating industry we work in and I’m delighted to join the most transformational and forward-thinking team in marketing as Stagwell’s Chief Growth Officer for U.K./Europe,” said Lafford. “As Stagwell continues to expand and evolve its global remit, placing a dedicated focus and emphasis on the markets and regions, I am excited to work with a proven Growth Team and an illustrious roster of successful brands to further bring Stagwell U.K./Europe to life.”
“Beyond Helen’s stellar track record of landing and scaling some of the world’s most revered brands, she has the qualities that define the best leaders within our network: gracefully assertive, motivated by opportunity, supportive of our internal cultures, and a complementary partner,” said Stagwell EVP, Chief Marketing Officer Ryan Linder. “We’re excited for her leadership as we expand in Europe and the U.K.”
There are more than 2,000 employees in the Stagwell network across the U.K. and Europe, at agencies including 72andSunny, Allison + Partners, Anomaly, Assembly, Brand New Galaxy, Code and Theory, CPB London, Concentric, Forsman & Bodenfors, GALE, Goodstuff, Hunter, Ink, KWT Global, Locaria, National Research Group, and Northstar.
About Stagwell
Stagwell is the challenger network built to transform marketing. We deliver scaled creative performance for the world’s most ambitious brands, connecting culture-moving creativity with leading-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our 13,000+ specialists in 34+ countries are unified under a single purpose: to drive effectiveness and improve business results for their clients. Join us at www.stagwellglobal.com.
Media Contact
Sarah Arvizo
pr@stagwellglobal.com
SOURCE Stagwell Inc.
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Former CCO of the Virgin Group brings decades of communications experience and expertise to lead Stagwell’s Risk & Reputation practice; joins Sloane as Senior Managing Director –
NEW YORK – Feb. 3, 2023 – Stagwell (NASDAQ: STGW), the challenger network built to transform marketing, and Sloane & Company (“Sloane”), a Stagwell company and an industry leader at the forefront of corporate and financial communications, have appointed Nick Fox as Stagwell’s new head of the company’s recently launched Risk and Reputation Unit. In his combined role at both companies, Fox will serve as senior managing director for Sloane.
Fox assumes his new role after a 14-year tenure at The Virgin Group, where he served as the company’s director of external relations, and, later, chief communications officer—overseeing the growth and protection of Virgin’s brand around the world. In addition to advising CEOs across Virgin’s partnerships in mobile, travel, health, space, and other sectors, Fox also managed the rollout of Virgin Galactic’s initial public offering in 2019 and that of Virgin Orbit in 2021. Following his departure from Virgin in December 2021, Fox has continued to provide strategic communications counsel for a range of clientele, with a primary focus on brand building, risk management and corporate reputation.
“Nick is an incredible addition to the Stagwell team,” said Stagwell Chairman and CEO Mark Penn. “He brings a wealth of global communications knowledge – working at the senior-most levels of international business. Our Risk and Reputation business unit has already curated an impressive slate of experts to tackle the most sensitive issues facing business leaders today. I am confident that with Nick at the helm, this practice will continue to drive immense value and top-notch guidance for our clients and their stakeholders.”
As head of the Risk and Reputation Unit, Nick will advise clients on how to manage some of the most complex business issues facing companies now, from increasing geopolitical tensions to financial system pressure to political and social polarization.
“Fox’s extensive communications background in both the U.K. and European markets poises both Stagwell and Sloane to broaden their international reach to attract new business—while also bringing a fresh perspective to existing client work,” added Sloane & Company CEOs Darren Brandt and Whit Clay. “As more companies seek trusted communications partners that will get into the weeds with them and help them navigate the travails of the U.S. market—or perhaps gain access to it for the first time—we are confident that Nick’s unique skillset will position us for impressive growth and client success, both now and in the long-run.”
“The expert roundtable that Stagwell and Sloane are building represents a deep knowledge base that you don’t find in a traditional communications firm,” said Nick Fox. “The opportunity to engage with and draw from the corporate, financial, and political arenas will provide an extremely valuable service for global leaders and companies facing increasingly complex challenges today. I am looking forward to working with such an entrepreneurially minded group.”
Fox began his new position in February, splitting his time between New York City and Washington, D.C.
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