Julian Childs Is Out As MD Of Bridge Europe

NEW YORK--In another twist in the ongoing Bridge/Telerate saga, Julian Childs won't take on the role of managing director of Bridge Europe as expected, according to London-based sources close to the company.

Meanwhile, details of staff cuts and restructurings within Bridge and Telerate began to emerge. Bridge executives said layoffs would continue over the next two months.

The astonishing news of Childs' departure, which couldn't be verified by press time, would leave Bridge Europe leaderless just weeks after Childs was named to replace European MD John Jessop (IMD, May 11). Jessop later reemerged as president of the newly established Telerate Inc. unit of Bridge (IMD, June 1).

A spokesman for Bridge in New York declined to comment on Childs' departure. Childs couldn't be reached by press time.

But sources familiar with the company's plans say that Bridge and Childs agreed to part ways last Tuesday evening, after they failed to come to terms on Childs' employment contract. Childs had already secured a sizable severance deal from former employer Dow Jones & Co. That deal, sources say, guaranteed him $540,000 (and not the previously reported $750,000) a year for four years, whether or not he took up employment at Bridge.

If, indeed, Childs has decided not to take up Bridge's offer, Bridge may face challenges in naming a successor. It would be difficult--given the recent turn of events--for the company to recall Jessop. European sources say James Daly, the Telerate sales manager emerging as most senior in the European region, is best poised to take on the role, although some question whether he is experienced enough to take on such an important position.

In the meantime, Bridge is conducting a series of staff cuts in order to eliminate redundancies between Bridge and the newly acquired Dow Jones Markets. The Asia/Pacific region appears to be leading the charge, as far as layoffs go. Sources indicate that European cuts are under way, with cuts in the North American region to follow.

According to Scott Cooper, director of business development for Bridge Asia/Pacific, the company does expect to let people go in the short term, but plans to add sales and sales support staff in the region before year-end. He says the additions will leave Bridge/Telerate with more staff in Asia than before any cuts were made.

Thus far, Bridge has let go a number of staff in Hong Kong, Singapore, Australia and Japan. Cuts in Hong Kong have included: Bill Reidy, managing director; Steven Lazar, director of content and information services; Lannie Letterman, regional manager, product marketing; Anthony Lund, manager of business development; Keith Willshire, market segment manager, foreign exchange; Farida Lau, finance comptroller; Bill Mayhew, head of corporate communications; Roy Low, market segment manager, technical analysis; and Stephen Yao, deputy general manager, North Asia, which includes Hong Kong, Macau, Taiwan, the Philippines, Korea, Vietnam and China.

In Singapore, cuts have included: Chua Cher Choon, director for Southeast Asia, which includes Singapore, Malaysia and Indonesia; and David Becker, director of content and information services.

In Sydney, cuts included Clarence D'Souza, country manager for Australia and New Zealand. And in Tokyo, they included David Rakhit, a fixed-income specialist.

As part of the European restructuring, Bridge is replacing the former Dow Jones Markets' London-based Active1 development team. The team, headed by Paul Hobkirk, previously reported to Peter Astley-Sparke.

Sources say development is to be relocated to New Orleans, home to the former Computrac developers who built Telerate's Teletrac service. It isn't clear whether any existing team members will make the move to New Orleans.