Contrary to the tales making the rounds about the restructuring at frontline public relations firm, The Quadrant Company, last week, two of its management staffers actually resigned, with three middle level officers and six junior workers laid off.
Fresh facts uncovered by encomium.ng showed that Segun Adebowale (Media Manager) and FEMI Olaleye (Finance Controller) resigned on Thursday, August 11, 2016. And 11 others, including analysts and junior workers such as cleaners, were laid off on Friday, August 12.
Reports of mass sack of senior staffers of the leading PR company, one of the firms under Troyka Holdings, led by respected advertising tsar, Mr. Biodun Sobanjo, rent the air earlier in the week. But the tale is untrue, though a third of the 35-man strong team were affected.
It’s Managing Director, Bolaji Okusaga, was said to be on leave last week as letters were distributed. His deputy, Tosin Adefeko presided over the restructuring which was simply as a result of the harsh economic environment.
One of the company’s major accounts, Etisalat, with monthly budget of almost N10 million, was stopped in 2015 – and observers became worried. With a harsh business environment, TQC is feeling the pangs like million others.
Like most businesses submerged by the recession, The Quadrant Company is looking for ways to keep afloat until the economy improves.
The 32, Ladoke Akintola Street, GRA Ikeja (Lagos) based company with about 35 staffers, has only 22 left.
And in its portfolio are some big brands such as CNN, Microsoft, Google and Lafarge.