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Publicis Groupe Exits Russia While Securing a Future for Its People
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Publicis Groupe has announced the immediate cessation of its business and investments in Russia, transferring ownership of its agencies to local management led by Sergey Koptev. This decision follows the group's condemnation of the invasion of Ukraine, with a commitment to securing a future for its 1,200 employees in Russia. Publicis is also prioritizing the safety and support of its 350 employees in Ukraine, providing measures including financial aid and mental health support.
Positive
Cessation of operations in Russia may protect the company's reputation.
Transitioning control to local management ensures employee retention and support.
Negative
Immediate cessation of business may lead to lost revenue streams from the Russian market.
Potential long-term impacts on company growth due to geopolitical risks.
PARIS--(BUSINESS WIRE)--
Regulatory News:
Publicis Groupe [Euronext Paris FR0000130577, CAC 40] (Paris:PUB) today announces that it is stopping its business and investments in Russia by ceding the ownership of its agencies to local management, effective immediately.
Publicis Groupe is handing over control of its Russian operations to Sergey Koptev, Founding Chairman of Publicis in Russia, with the clear contractual condition of ensuring a future for employees there.
“Since the start of the invasion, we have been working on exiting Russia as we strongly condemn the unilateral aggression againstUkraine. We were committed to taking strong actions that fully respond to the gravity of the situation. But we were determined to take the necessary time to come with a solution that was truly people-first, because our 1200 employees in Russia are our people too. We couldn’t just abandon them. By ceding control of our Russian operations to Sergey, we are securing a future path for our colleagues while immediately stopping all of our operations, engagement and investment in Russia”, said Arthur Sadoun, CEO & Chairman of Publicis Groupe.
As the violence and humanitarian crises in Ukraine deepen, Publicis’ first priority remains the safety of its people and their families. The Groupe is more committed than ever to bringing them the security, relocation and financial support they need in this incredibly difficult time.
“The safety of our people in Ukraine remains our number one focus. We are in daily contact with all 350 of them on an individual basis and doing everything we can to protect them. From security alert systems, to psychological and mental health support, to help with visas, or guaranteeing salaries for everyone for the entire year, we will continue to stand by their side, be exhaustive in the solutions we bring and immediate in the aid we provide” Sadoun added.
About Publicis Groupe - The Power of One
Publicis Groupe [Euronext Paris FR0000130577, CAC 40] is a global leader in communication. The Groupe is positioned at every step of the value chain, from consulting to execution, combining marketing transformation and digital business transformation. Publicis Groupe is a privileged partner in its clients’ transformation to enhance personalization at scale. The Groupe relies on ten expertise concentrated within four main activities: Communication, Media, Data and Technology. Through a unified and fluid organization, its clients have a facilitated access to all its expertise in every market. Present in over 100 countries, Publicis Groupe employs around 87,000 professionals.
