The formerly debt-laden Photon Group has revealed a major overhaul, which will see the company change its name to Enero amid the appointment of a new leadership team.
The changes have been spearheaded by recently appointed chief executive Matthew Melhuish, and appear to be an attempt by the company to distance itself from its past troubles. Previously, the company was hampered by significant debt, which was removed by former chief executive Jeremy Philips.
The changes have come as the group today revealed less than impressive financial results for the nine months to 31 March 2012.
According to the group, the new name Enero marks a “fresh start”. The name change is still dependent on shareholder approval.
The group has also signalled its strategic ambitions to become more digitally centred. Meanwhile, Photon has removed the “division structure” of the company, which saw Photon separated into silos including international agencies and local agencies.
The group has instead revealed its plans to place particular focus on five leading businesses, Naked Communications, BMF, Hotwire, Frank PR and The Leading Edge.
The group's new management team will consist largely of the leaders from these companies.
The group leadership team will have of Matthew Melhuish at the top. Other leaders will be Naked co-chairman Steve Gatfield, Naked founder and co-chairman Jon Wilkins, and Hotwire chief executive Brendon Craigie.
The leadership team will also consist of BMF chief executive Jeremy Nicholas, Frank PR chairman and founder Graham Goodkind, The Leading edge chief executive Andy Bateman, Photon Group general councel and company secretary Eleni North and Photon group finance director Brendon York.
Former Austar chief John Porter will be chairman of the group.
Melhuish said: “There has been a fundamental shift in underlying market forces in our industry and it's crucial that we are at the forefront of answering the questions clients have in this new paradigm.
“We are seeking to introduce an incentive program designed to reignite the entrepreneurial 'owner-manager' efficiencies at the operating unit level and bind the business leaders to the Group success, through a long-term equity incentive scheme.”
Meanwhile, Photon Group revealed its financial results for the nine months to 31 March 2012. The group saw its net revenue fall to $130.1 million, from $138 million on a pro forma basis in the previous corresponding period.
Follow @AdNews on Twitter for breaking stories and campaigns throughout the day.
Have something to say? Send us your comments using the form below or contact the writer at davidblight@yaffa.com.au
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.