MAM
IPG sells remaining shares in Facebook
MUMBAI: The Interpublic Group (IPG) has sold its remaining shares in Facebook Inc. for net cash proceeds of $95 million and expects to record a pre-tax gain of $94 million.
Interpublic chairman and CEO Michael I. Roth said, “The value of the investment we made in Facebook in 2006 has increased significantly during the last six years. We decided to sell our remaining shares in Facebook as our investment was no longer strategic in nature. Simultaneously, our board has authorized an increase in our share repurchase program of $100 million. We view this as another opportunity to enhance shareholder value reflecting the confidence we have in our company.”
The global media communications network entered a strategic partnership with the social media networking website in 2006. As part of the agreement, Interpublic was to participate in marketing programs on the website, including online advertising and promotions, as well as pilot programs involving sponsorships, consumer research and content creation on behalf of its clients. Interpublic has also agreed to acquire less than one-half of one per cent of Facebook.
Interpublic announced that its Board of Directors has authorised an increase in its existing share repurchase program from $300 million to $400 million. As of September 30, $151 million had been used under the authorisation. The share repurchase program has no expiration date.
Brands
Aviva India appoints Harshit Agrawal as head of marketing
Former Clix Capital marketing head to steer brand strategy and growth
MUMBAI: Aviva India has appointed Harshit Agrawal as head of marketing, bringing on board a seasoned marketer with more than 15 years of experience across financial services, digital agencies and brand strategy.
Agrawal joins the life insurance company after a nearly five-year stint at Clix Capital, where he served as head of marketing. In that role, he led the company’s brand repositioning as an MSME-focused NBFC and oversaw a wide marketing mandate spanning brand strategy, PR, omni-channel platforms, social media, SEO and high-performance media.
During his tenure, Clix Capital saw a strong digital push, including a 200 per cent rise in annual website traffic and a significant reduction in customer acquisition costs. He also played a key role in the firm’s digital transformation initiatives, helping design digital journeys for its personal loan business.
Before Clix Capital, Agrawal was head of marketing at Muthoot Fincorp, where he managed integrated marketing campaigns across the Muthoot Pappachan Group’s financial and non-financial businesses. His work ranged from rolling out a nationwide CRM platform to managing ATL and BTL campaigns, brand ambassador-led advertising and large-scale sponsorships, including those linked to the IPL.
Earlier in his career, Agrawal worked with digital agencies including BC Web Wise and Dentsu Webchutney, where he handled digital strategy and online marketing campaigns for brands such as Hero MotoCorp, SanDisk and Bharti Airtel.
Alongside his corporate career, he also co-founded SRB Automotive, where he has been involved in running one of Central India’s long-standing fuel stations, focusing on customer data analytics and service excellence.
Commenting on the appointment, Aviva India MD and CEO Asit Rath said, “At Aviva, we are on a journey of transformation, building a progressive, customer-first brand that moves beyond conventional marketing. Harshit’s contribution will be instrumental in elevating our marketing capabilities and strengthening our position as a future-ready organisation.”
Sharing his thoughts on the new role, Harshit Agrawal said, “Aviva has always stood out as a progressive organisation, constantly evolving with new innovations and a forward-looking strategy. It inspires me to build on this momentum, moving beyond traditional approaches to create campaigns that resonate with customers, elevate the brand, and reflect Aviva’s shift from protection to prevention. I look forward to shaping an impactful marketing narrative that drives trust, engagement and sustainable growth.”
Agrawal holds an executive management programme certification in sales and marketing leadership from the Indian Institute of Management Lucknow and is also a certified CFA. At Aviva India, he will lead the company’s marketing strategy and brand initiatives as it looks to deepen customer engagement in an increasingly competitive insurance market.
