The Bookseller.com

14th October 2008

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Michel woos PFD agents

13.09.07 Joel Rickett

Caroline Michel, the new chief executive of PFD, last night laid out her vision for the company to its lead agents. She could join from William Morris UK as early as next week.

Michel told The Bookseller that the new role presented an "unmisseable" opportunity to turn PFD into the European equivalent of dominant American agencies such as ICM and William Morris. "It's the holy grail for me--I see the breadth and potential of what PFD can do." She will also join the CSS board as executive director, and added: "There's a new team at CSS with a great vision about where they want PFD to be. They have belief in it, and want to invest and grow it."

She has been hired by David Buchler, the corporate turnaround specialist who is now running CSS Stellar. Buchler confirmed that there would be no sale of PFD, either to management or to Chorion (which had offered £8m): "Bringing in someone of Caroline's status is a real message of intent." His aim is to revive the fortunes of CSS Stellar, which acquired PFD in 2001.

"The CSS share price has fallen from £3 to 30p, so I feel there's a tremendous growth opportunity. There have been some miscalculations on direction, and a disconnect between the main businesses and the holding company."

He acknowledged the risk that some of PFD's agents, frustrated at the failure of their buyout bid, may quit: "One or two people may decide they'd be better off outside the company, but I've been told most will stay." Joint PFD chairs St John Donald and Maureen Vincent currently remain in place, as do the 14 lead agents including Caroline Dawnay, Simon Trewin, Robert Kirby, Charles Walker and Rosemary Cantor. Michel added: "We want to give control back to the agents. and the writers. I hope we can all work together and turn the page."

One PFD agent said that there was unlikely to be large-scale departures across the 70-strong team: "Their toys have been taken away, so I'd be surprised if all my colleagues are elated at the news. But there's unlikely to be an exodus. Caroline Michel is a name that the City know and has a fantastic track record - she'll take things to the next level."

The agent added that Michel would recognise that the agency was already highly successful: "We're a very profitable company dragged down by association [with the parent group]."

Jim Wiatt, chairman and c.e.o. of US-based William Morris, said Michel had been a "tremendous colleague and friend . . . we wish her the best of luck."

Joel Rickett William Morris PFD Caroline Michel