Don Elgie (left), a one-time McCann London account man, is stepping down as CEO of Creston plc, the quoted marcoms company he founded back in 2001. Elgie, 67, will be succeeded by COO and CFO Barrie Brien.
Elgie has had an interesting career, following the late Nigel Grandfield from McCann to Grandfield Rork Collins which was subsequently bought by Saatchi & Saatchi when the brothers were buying everything that moved. The buy brought Tesco into the Saatchi empire for a few years.
Elgie then set up a short-lived agency Elgie Stewart Smith with two ex-DDB London creatives before deciding to follow in the footsteps of Sir Martin Sorrell whose WPP was embarking on its bid to conquer the world.
Creston never quite managed that of course, its biggest deal was buying London indie agency Delaney Lund Knox Warren for a whopping £34m in 2005 but, when the winds of recession started to blow, DLKW was sold to Lowe in 2010 for about £28m, leaving Creston with a big loss.
But Elgie and Brien survived, concentrating a0n a gaggle of research, digital and healthcare businesses in London with an outpost in New York. Which is no mean achievement.
Creston is currently valued at around £60m having got rid of its debts. The odds are that it will be snapped up by one of its bigger marcoms rivals (Chime is valued at around £270m, M&C Saatchi over £300m, WPP is supposedly worth £18bn).