"We are not concerned about the valuation of Madison": Sam Balsara

On April 21, 2015, Sam Balsara, chairman and MD of Madison World, announced the appointment of GroupM's group strategy officer, Vikram Sakhuja, as group CEO and equity partner of the agency. This is the first time that Madison offered its stake to someone.

Before taking on the role of GroupM's strategy head, Sakhuja was global head at Maxus. His appointment in an Indian agency will also mark his return to the country. He is currently based in New York and will soon shift base, back to India, to assume his new responsibilities.

afaqs! spoke to Balsara about the development in a quick, succinct interview.

Edited Excerpts.

Edited Excerpts

The irony of the situation is interesting: Madison was said to be in conversation with GroupM (to sell) and now Vikram is your partner. Curious to know how you went from one to the other...how are these decisions taken?

We were looking for a CEO and Vikram was looking to come back to India in an entrepreneurial role. I hold Vikram in the highest esteem and was happy to offer him a stake in Madison, which we have not done before.

About the decision to get a partner on board: was it a choice between selling out to a network versus selling stake to an individual?

No, certainly not.

We have not sold stake. Vikram has been given stake by virtue of becoming Group CEO.

How is the stake divided now?

The amount of stake is immaterial and does not affect anyone apart from Vikram and me.

Hereon, how exactly will the responsibilities be divided at the top?

Vikram will drive the media and OOH business, he will focus on the here and now of clients. As I said, I don't play golf, so I can't retire. I hope to make myself useful to Madison and my clients without getting in Vikram's hair.

How do you suppose Vikram's appointment will impact existing and prospective clients? Buzz is - the existing ones will heave a sigh of relief and new ones will favour Madison on the pitch front....

We are sure our existing clients are happy over this development. We are not aggressive on the new business front.

Speaking of buzz, Vikram's appointment is being viewed as one of the ways in which you can up the value of Madison in the market, in the long term - to what extent is this true?

We are not concerned about the valuation of Madison; what we are concerned about is making a difference to our client's business. If we achieve that, Madison will grow.

Is winning the Airtel account back a viable goal, now that Vikram's on board?

As they say, anything is possible in love and war ....and business! Specially in today's complex business world.

Have news to share? Write to us atnewsteam@afaqs.com