Aegis appoints CEO, issues new bond for acquisitions

British marketing group Aegis appointed a new chief executive on Thursday and announced the launch of a bond to provide financial flexibility after posting 2009 organic results below some of its peers. Chairman and interim Chief Executive John Napier said Jerry Buhlmann, currently the head of the Media division, would become group chief executive from May 1. He will inherit an improving momentum after the firm and its management restructured in 2009. To maintain that position for 2010 it proposed to launch an offering of up to £195m of convertible bonds, which could go partly towards acquisitions in the United States. Analysts said the results were solid in light of the tough trading but some noted that the appointment of a new chief executive could reduce hopes the firm will eventually merge with French rival Havas. Aegis posted a 9.7 per cent fall in full-year key organic revenues which was worse than its peers but within a range provided by analysts. It said it now expected to achieve modest, single-digit growth in 2010.