We are looking at best acquisitions: Sir Martin Sorrell
Sorrell who is in India for WPP’s first-ever board meeting in the country, hints at more acquisitions and announces a second role for CVL Srinivas, CEO, South Asia, GroupM
Published - Oct 18, 2017 7:41 AM Updated: Oct 18, 2017 7:41 AM
WPP’s first-ever board meeting in India began on Monday. Addressing the media on Tuesday morning, Sir Martin Sorrell, CEO of WPP hinted at possible expansion in India. He also announced a new additional role for CVL Srinivas, CEO South Asia, GroupM while also hinting that GroupM is looking for 'best acquisitions'.
"As you know, “horizontality” is our number one strategic objective and Srini’s (Srinivas) additional role in India will be to ensure that we work together as effectively as possible to provide clients with effective and efficient solutions," he said.
"You can't sit in London and New York and know who the best people in India are. We need to have the best people and also looks at best acquisitions,” he added. Sorrell further said that ‘simplification’ is what our clients want. "They want is good people to work with them in the most effective way. We have client leaders for 50 of our clients. Similarly, Country Managers have to know the best clients. Their role is to integrate our offer where it’s required. Regional management is becoming less important, whereas global and local management is gaining importance," he said.
From the beginning of the year, Sorrell has time and again been vocal about his hopes from India. “I remain an Indian bull, I am not an Indian bear. I remain very bullish on India. And not just in the short term but in the medium and long-term. And the medium- and long-term prospects are even better,” he said. Commenting on the imbalance in spends on TV as compared to digital by media planners Sorrell said, “It's is very easy to criticize media planners. However, what I feel is the degree of sophistication required for measurement on media is not there.”
Talking in general about growth across the globe, Sorrell said that in his view there is going to be a considerable consolidation to increase growth and cut the cost base. "However, I am not sure if it is the best way to grow," he added. Sorrell called social media a big phenomenon which has played a crucial role in all elections. "If I were in government I would look into how we can use social media in the implementation of government policies and awareness.”
Earlier in the day, exchange4media flashed the news of the new role of CVL Srinivas as WPP India Country Manager. The position was earlier held by Ranjan Kapur who will continue as Chairman of WPP India, helping Srinivas and focusing on his school’s and foundation’s initiatives, which have been extremely successful and were featured at the WPP Board Dinner last night in Delhi.
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