Word: papert
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...accounts are often party faithful: Doyle Dane's William Bernbach is a devout Democrat, and Erwin Wasey's David B. Williams is a Republican regular. But many agencies are pragmatically bipartisan. Bobby Kennedy has placed the ad end of his New York campaign with Manhattan's Papert, Koenig, Lois because his advisers were impressed by its work for Republican Senator Jacob Javits...
...work in informal ways-but don't mistake informal for inefficient. We're efficient, in a permissive atmosphere." This is the formula of the chief executive of one of the fastest-growing U.S. advertising agencies, Julian Koenig, 42, president of Manhattan's four-year-old Papert, Koenig, Lois, Inc. A horse player who claims to make money at it, Koenig chooses his ads, and the people to create them, with much the same educated intuition he uses to pick the ponies: "You look, sniff and close your eyes." His shop is approaching $30 million in annual billing...
Like law firms or other businesses that have confidential relationships with clients, nearly all U.S. advertising agencies are privately owned. Last year Manhattan's frisky Papert, Koenig, Lois created a sensation on Madison Avenue by going public. The sale of shares made near-millionaires out of the agency's three young founders, and stock that came out at $6 a share is now up around $10. Last week Foote, Cone & Belding-the nation's seventh biggest ad agency, with billings of $135 million-put some shares on the market. It looked as if public...
...Foote, Cone & Belding. Adds Ernest Jones, president of Detroit's MacManus, John & Adams: "If there were outside stockholders, they would have the right to ask such questions as 'What is the contemplated Pontiac budget for next year?' Well, that happens to be between us and Pontiac." Papert, Koenig, Lois intends to avoid some of these risks by retaining 80% of its shares in the hands of its officers. Even so, argues President Robert Lusk of Benton & Bowles, "an adman would be less inclined to take risks on his clients' behalf if he had to face...
Apart from Papert, Koenig and Lois, in fact, only one well-known adman took an openly enthusiastic view of public ownership last week. Sighed David Ogilvy, British-reared chairman of Manhattan's Ogilvy, Benson & Mather: "We here at Ogilvy own our stock at book value only...