WPP’s Wavemaker has retained global media agency of record responsibilities for Chevron.
“Chevron has extended its global strategic media and buying services partnership with Wavemaker for another three years,” a representative of the energy company confirmed to Adweek.
The assignment follows a lengthy review process by the longtime WPP client. While the Chevron review was confirmed in January, a source close to the review described the process as having lasted 11 months, adding that it was highly competitive.WPP has handled media duties for Chevron for over 16 years through its former agency, MEC, and has defended the account previously. Wavemaker was created when WPP merged MEC with its Maxus agency in 2017.
At the time of the review, sources told Adweek that the process came about because WPP’s contract with Chevron was ending, and involved two unspecified competitors pitching against the incumbent. Sources with knowledge of the review told Adweek that OMD, Carat and Havas Media were the other participants in the review. OMD declined to comment. Representatives for Carat and Havas Media were not immediately available for comment.
“Chevron’s global media agency of record has been in place for 16 years,” a representative said at the time. “We’ve elected to test the marketplace to confirm that Chevron has the best media services agency partner.”
The appointment comes a month after a major leadership announcement for Wavemaker, with Toby Jenner set to succeed Tim Castree as chief executive next month.
Global data consultancy COMvergence estimated that Chevron spends about $60 million on measured marketing globally per year. A source with knowledge of the account said the majority of that spending is within the U.S. Chevron reported a net income of $4.3 billion for the second quarter of 2019, up from $3.4 billion over the same period last year.