Goldman Sachs: PR Plans and Leaked Memos

goldmansachs Goldman Sachs: PR Plans and Leaked Memos Goldman Sachs released yesterday an internal memo to staff that its co head of investment management, Edward Frost is retiring (age 51).  What’s notable is how it played out in the media.

The Wall Street Journal, which said it had “reviewed” the memo (does this mean leaked by Goldman’s PR dept?) covered the change in a straightforward fashion, emphasizing that Frost was leaving to focus on “education arts and philanthropic endeavors”.

The NY Times took a markedly different perspective claiming Frost’s departure follows a “recent misstep…when he was a no show at an important client meeting” and differences over his leadership style.  Significantly there was no mention of the internal memo.

The PR Verdict: “B Plus” for Goldman PR. Even the best-laid PR plans can misfire.

Insiders in any company, with an axe to grind, are happy to stymie PR plans by giving unauthorized background comment. A couple of words from Edward Frost himself might have mitigated the NY Times coverage and reinforced the memo’s official version.

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What is Your PR Verdict?

  1. John Murtha says:

    Wonderful analysis, as always, but you’re being too easy on Goldman. What is the truth? Can we believe the sycophantic Journal or the crusading Times? Time for clarification.

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