McCann-Erickson WorldGroup, the unit central to Interpublic Group’s recent profits warning and 30% share price slump [WAMN: 18-Oct-02], is to lose its chief financial officer and vice chairman Sal LaGreca (49).
According to McCann WorldGroup ceo Jim Heekin, he was informed one month ago of LaGreca’s plan to take [unusually] early retirement in the first quarter of next year. Heekin pronounced the usual last rites: “He'll be very missed by McCann and by me in particular,” he said, adding that the search for a successor is under way.
In August, IPG was hit by charges of $68.5 million relating to earnings at McCann-Erickson WorldGroup in Europe. The double whammy came last week when further accounting inconsistencies at its Octagon sports marketing unit - which reported to McCann - were uncovered.
IPG shares closed Wednesday at $13.21 (€13.56; £8.54) , up 88 cents.
Data sourced from: AdWeek.com; additional content by WARC staff