Ad holding company giant Dentsu implements 10% pay cuts, furloughs, and layoffs across the US as coronavirus takes effect
- Ad holding company giant Dentsu has instituted cost-cutting measures across all its agencies outside Japan, including a hiring freeze, pay cuts, furloughs, and layoffs.
- Three sources told Business Insider that the Dentsu Aegis Network division in the US, which include Carat, 360i, and Merkle, was told to cut expenses by a certain date, primarily by pay cuts and furloughs.
- The news comes days after Dentsu Aegis Network hired former Omnicom and Coca-Cola executive Wendy Clark as its new global CEO.
- A company spokesperson said the network’s focus is to support its employees, its clients, and the local economies where it operates.
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Dentsu Aegis Network, the largest division of ad holding company giant Dentsu, has instituted cost-cutting measures across the US, including a company-wide hiring freeze, significant top-down pay cuts, large-scale furloughs, and layoffs.
The news comes as the coronavirus pandemic cuts across all areas of the economy and all the major ad holding companies prepare for significant cuts in the weeks and months ahead.
The changes also come just as Dentsu Aegis Network hired longtime marketing executive Wendy Clark from Omnicom’s DDB as global CEO.
A Dentsu Aegis Network US spokesperson said the …continued .
[Source: Business Insider]