Larry Weber Adds “Founder” to His Chairman Title, Increases Focus on Industry Thought Leadership
Racepoint Global, an integrated global marketing agency, today announced that Peter Prodromou, the company’s president since 2013, will immediately assume the role of Chief Executive Officer. Prodromou will also retain the title of president and industry legend Larry Weber, who founded the firm in 2004, will assume the title of Founder and Chairman. All changes are effective immediately.
The moves are part of an overall strategy to double the agency’s revenue and expand its footprint over the next five years. Since its founding, Racepoint has evolved from a digital public relations agency to a sophisticated, multi-dimensional communications company that effectively integrates world class creative, paid, earned and owned programs to reflect how its customers’ customers consume information and make decisions. The company underpins its campaigns with its own proprietary data, based on its technology platform, FieldFacts. With this model, the company has grown from a single office in Boston, to a $35 million global organization with offices in key capitals across the U.S., Asia and Europe.
“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.”
Racepoint clients include some of the world’s best known brands in technology, healthcare, life sciences and public affairs. Leading global organizations including AT&T, IBM, Dassault Systèmes, ARM and Huawei have used Racepoint’s unique approach to drive reputation, win customers and influence key constituent groups. The company has scaled by focusing on these great brands and some of the hottest emerging organizations. Its unified P&L model means the company can concentrate on delivering great service rather than worrying about which geography is credited the most.
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 offer and opening its Washington office, starting its country affairs practice and filling the role of Chief Global Accounts Officer. He became president in 2013 as the company merged its sister company, Digital Influence Group, a social media marketing firm, into the Racepoint brand. He oversaw the integration and drove the strategy adopted worldwide. Under his guidance the company added new clients across the globe, launched FieldFacts and expanded its already robust China footprint to include a Shenzhen office, which will open later this month.
Before Racepoint, Prodromou worked with Weber for several years at the industry’s seminal technology PR agency, The Weber Group, and was part of the management team that grew that company from six offices to the global giant that is now Weber Shandwick. He joined Weber in his new venture at its outset. Prodromou was also a partner in an advertising agency and before that, spent several years as part of a deal origination group at Lehman Brothers affiliate, The Boston Company Advisors. Prodromou is a graduate of Boston University and serves on several boards including Racepoint, the Massachusetts Innovation and Technology Exchange (MITX) and as chairman of Schools for Children.
“My time with Larry Weber and the Racepoint family has been dynamic, thrilling and constantly fresh,” said Prodromou. “We share a rare symbiotic vision and approach that reflects what the industry needs and clients want. 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.”