THE•TEAM forms 11-member board after Providence completes buyout of founder Casey Wasserman

THE•TEAM has appointed an 11-member board after Providence Equity Partners completed its buyout of founder Casey Wasserman’s remaining stake. The board is set to oversee the agency’s strategy and next phase of growth as it operates under new ownership and the THE•TEAM name.

Seven directors are senior company leaders, including CEO Michael Watts, while four represent Providence, the majority investor. Providence plans to appoint additional external directors in the coming months; the deal’s terms have not been disclosed, although a July report put the company’s valuation at about US$3.4 billion. Watts took over day-to-day leadership in February, and the agency rebranded in March after clients left following disclosures about his predecessor’s correspondence with Ghislaine Maxwell; Wasserman has not been accused of illegal activity in connection with those documents.