BNP Paribas Moves to Pave Way for CEO Bonnafe to Stay Until 2028
BNP Paribas SA is seeking to extend the board mandate of its chief executive officer and raise the age limit for the role, moves that would pave the way for Jean-Laurent Bonnafe to extend one of the longest tenures at a large European bank.
The French firm will ask shareholders at its annual g
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Boss of London ad champion quits after losing crown to French rival
The boss of WPP is to step down months after the British advertising behemoth lost its crown to a French rival. Mark Read will leave after more than three decades at WPP, including seven years as chief executive. He will continue in the role until the end of the year while the board searches for his successor. Mr Read's departure, though long-expected in the industry, comes at a turbulent time for WPP. The London-based group, which employs around 110,000 people worldwide, last year lost its title as the world's largest ad company by revenues to French rival Publicis. Meanwhile, its two other largest rivals – Omnicom and Interpublic – have agreed to merge in a $30bn (£22bn) deal that will further erode WPP's dominance. The British company is also grappling with industry-wide turmoil sparked by the rise of artificial intelligence (AI), which threatens to upend the work of ad agencies. This has compounded the challenge posed by tech giant such as Google and Meta, which have grown their share of the advertising market in a direct threat to traditional holding groups. Mr Read's tenure has been dominated by efforts to simplify WPP, which had ballooned into a sprawling network of companies under his predecessor Sir Martin Sorrell, who left the company he founded following allegations of misconduct, which he has always denied. As chief executive, Mr Read oversaw the merging of a number of agencies while selling off some non-core businesses, including the £2.5bn sale of a 60pc stake in market research group Kantar. More recently, the ad boss has also vowed to invest heavily in AI, pumping £300m into the technology this year and investing in generative AI startup Stability AI. However, WPP's growth has ground to a halt in recent years and the company's share price has more than halved during Mr Read's tenure, pushing its market value below £6bn. Shares fell a further 2pc after his departure was announced. Alex DeGroote, a media analyst, said: 'The company is much simpler today than it was when he came on board as chief executive.' But he added: 'There's just a feeling of the company having lost a lot of ground to the likes of Publicis, so I can't honestly say that he will be remembered as having delivered immense shareholder value.' Mr Read's future has been in doubt since Philip Jansen, the former BT boss, was appointed as WPP chairman at the beginning of the year. Mr Jansen said Mr Read had 'played a central role in transforming the company into a world leader in modern marketing services'. Mr Read said: 'After seven years in the role, and with the foundations in place for WPP's continued success, I feel it is the right time to hand over the leadership of this amazing company. 'I am excited to explore the next chapter in my life and can only thank all the brilliant people I have been lucky enough to work with over the last 30 years, and who have made possible the enormous progress we have achieved together.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Media advisory - Minister Joly to address the Chamber of Commerce of Metropolitan Montréal regarding Canada's economy and industrial priorities
MONTRÉAL, June 10, 2025 /CNW/ - The Honourable Mélanie Joly, Minister of Industry and Minister responsible for Economic Development Canada for Quebec Regions will participate in a discussion regarding Canada's economy and industrial priorities, organized by the Chamber of Commerce of Metropolitan Montréal. Date: Wednesday, June 11, 2025 Time: 8:30 am (ET) Location: Montréal, Quebec Members of the media are asked to contact ISED Media Relations at media@ to receive event location details and confirm their attendance. Note: The activity will be held in French. Stay connected Find more services and information on the Innovation, Science and Economic Development Canada website. Follow Innovation, Science and Economic Development Canada on social media.X (Twitter): @ISED_CA | Facebook: Canadian Innovation | Instagram: @cdninnovation | LinkedIn: Innovation, Science and Economic Development Canada SOURCE Innovation, Science and Economic Development Canada View original content: Sign in to access your portfolio
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John Schumacher, Headed I. Magnin, Bonwit Teller, Dies at 94
John Schumacher, former chief executive officer of Bonwit Teller and president of I. Magnin in the 1970s, died early Friday evening at Mount Sinai Medical Center in Miami Beach. Schumacher was 94. According to his wife Barbara Cirkva, the former division president of fashion, watches and fine jewelry for Chanel, the cause of her husband's death is to be determined, but for the past several months he had been losing weight and stopped leaving his home. More from WWD Paolo Boffi Dies at 85 Roslyn S. Jaffe, the Revered Dressbarn Cofounder Who Empowered Women, Dies at 96 Beloved Footwear Executive Sonny Shar Dies at 86 'He was feisty. He lived well and was fun to be with,' Cirkva told WWD. 'John loved to go out and socialize, but when he didn't feel he could anymore, he just didn't want to.' Schumacher's career in retailing began at Lord & Taylor as a service manager in the millinery department and later a footwear buyer. 'He always liked to tell people that he started as a slipper buyer,' Cirkva recalled. 'I knew John since his I. Magnin days, when I was working at Neiman Marcus. I'd see him at all the fashion shows in Europe and New York,' said Neal Fox, former CEO of Mark Cross, Sulka, and the Garfinckel's and Raleigh's store chains. 'John was an interesting guy. He had this definite flair. He was most interested in restaurants and travel.' In fact, he encouraged Fox and his wife Martha to visit Capri, Italy, essentially introducing the couple to the island. 'The first time we went, we all stayed at the same hotel.' Schumacher had a meteoric retail career, quickly climbing the ranks of Lord & Taylor to senior vice president and general merchandise manager before joining the San Francisco-based I. Magnin, first as executive vice president before becoming president. 'It was an interesting time in fashion,' said Sonja Caproni, who was a buyer and later fashion director at I. Magnin working with Schumacher. Designers were emerging and Saint Laurent was very established, but not at I. Magnin until Schumacher felt it was important to include the French designer in the mix. 'Saint Laurent instantly became a huge business for us, and John had us opening boutiques,' in various I. Magnin stores including Los Angeles, Chicago and San Francisco. 'John was quick to respond to things,' Caproni said. 'He was very determined and competitive but for the right reasons. He always kept the store first and foremost in mind. He wanted I. Magnin to be the best on the West Coast, and I'm sure he mentored a lot of people along the way.' Eventually, Schumacher was recruited to become chairman and CEO of Bonwit Teller in New York by the store's parent company Genesco. During his tenure at Bonwit's, Schumacher improved the store's profitability and sales and kept a tight rein on expenses while also spending to renovate stores and install designer shops for a boutique-like ambience. However, after two years on the job, he was ousted over allegations by Genesco that he misused company funds for personal use. Bonwit Teller, I. Magnin and Lord & Taylor are no longer in business. After his abrupt departure from retail, Schumacher joined M. Ferrari, a maker of Italian women's clothes. A gourmet cook, he left the retail/fashion industry to become a restaurateur, launching La Colonna on 19th Street in Manhattan in the mid-1980s. 'John wanted the restaurant to be as Italian as it could be,' Cirkva said. 'He brought over from Italy the chefs and sous chefs and found them apartments near the restaurant.' She said he also hired Italian artists to paint the walls of the La Colonna. They used the eruption of Mount Vesuvius as the motif and also got 'playful,' as Cirkva recalled, with some depictions of the erotica lifestyle of ancient Pompeii. Schumacher's next restaurant venture was Q.V. on 63rd Street. In yet another business venture, Schumacher and Cirkva became co-owners of a gardens antique shop in Mount Kisco, N.Y., called Fleur. Schumacher's body will be cremated and his ashes flown to New York, where Cirkva plans to hold a reception honoring her husband, most likely in September, she said. In addition to his wife, Schumacher is survived by three daughters: Victoria Schumacher, Lisa Sumner and Pamela Schumacher; a grandson Christopher Dungan, and a sister, Carol Dougherty. Best of WWD Macy's Is Closing 66 Stores in 2025 — Here's the List, Live Updates Inside the Demise of Lord & Taylor COVID-19 Spikes Elevate Retail Concerns
