Let the sun shine in - Financial Post
This article was first published in the Financial Post magazine April 1, 2004. The way Miles Nadal grew rich — even while his shareholders were suffering —made him a poster boy for everything bad about Canadian corporate governance. Now, just as bigger business celebrities are getting their comeuppance, Nadal says he’s changed. Miles Nadal is in a good place. His company has paid back $700 million in debt, has $100 million in cash, and shareholders have reason to smile: MDC stock has quadrupled since last spring. Nadal is sitting in the offices of the hottest advertising agency in the U. S. , Crispin Porter + Bogusky, which four days earlier won Burger King’s US$350-million-per-year account. MDC owns 49% of CPB, and in another three days, will buy 60% of possibly the second-hottest agency in the U. S. , New York-based kirshenbaum bond + partners. Madison Avenue has taken notice, and Forbes will soon publish a profile on the Toronto-born Nadal entitled, “Who Is This Guy. “For the first time in MDC’s evolution, we have a very clear vision of who we are, what we want to be when we grow up, and how we’re going to get there,” Nadal says. Source: business.financialpost.com
