Holmes Report 16 Feb 2017 // 1:33PM GMT
BOSTON — Peter Prodromou has been elevated to CEO of Racepoint Global, after serving as president of the tech-focused firm since 2013.
Prodromou will retain the president role, while Larry Weber, who founded the firm in 2004, assumes the titles of founder and chairman. Racepoint Global is a key component of Weber's W2 Group.
The agency said that the moves are part of an overall strategy to double the agency's revenue and expand its footprint over the next five years. Racepoint has broadened its capabilities considerably since merging with sister firm Digital Influence Group (DIG) in 2013. The agency reported global fee income of $29.2m in 2015, according to the Holmes Report's Global 250 Agency Ranking, with revenues understood to have reached $35m last year.
"In 2013, I asked Peter to take the role of president and help me rationalize our terrific service offer into something unique to the industry," said Weber. "With his guidance and partnership, we have grown the organization by one-third as measured in revenue and increased our profits significantly. His ability to translate my vision into action, along with his own ability to intuit the future of the industry, has been a critical asset underpinning our great growth."
Prodromou has been part of Racepoint since its founding, serving in several roles including the first head of its Boston office, creating its public affairs offering in Washington, starting its country affairs practice and filling the role of chief global accounts officer. He oversaw the integration with DIG and, under his leadership, the firm launched its FieldFacts tech platform and is set to expand its China footprint with a new Shenzhen office later this month.
Before Racepoint, Prodromou worked with Weber at the Weber Group, which ultimately became Weber Shandwick. "We share a rare symbiotic vision and approach that reflects what the industry needs and clients want," said Prodromou.
"Our ability to execute on this has fortified growth and profitability that exceeds industry norms. We expect that as Larry focuses on increased thought leadership and I on growth strategies, we will continue to beat our peers and be a leader."
Last month, the Holmes Report revealed that Chinese marketing services group BlueFocus has held talks regarding a potential acquisition of Racepoint Global.