Floundering agency holding group Cordiant Communications – ranked eight in AdAge’s global league table – announced Thursday it has appointed Nigel Stapleton as non-executive chairman to replace Charlie Scott.

The abdication of Scott, who declared his retirement last September, will shortly be followed by ceo Michael Bungey and finance director Art D’Angelo, both of whom subsequently revealed their decision to quit.

The chair’s new occupant has spent fifteen years in the media business, most recently at Anglo-Dutch publishing giant Reed Elsevier where he served initially as financial director, then co-chairman and chief executive.

Although Reed, like Cordiant, has experienced tough times of late, Stapleton is regarded as a financial professional. Said an unnamed analyst: “Although his time at the top of Reed might not be seen as his best, he was second to none as finance director and those are the kind of skills Cordiant needs.”

He is also highly regarded within the financial establishment, and sits in a non-executive capacity on the boards of the London Stock Exchange, AXA UK and Reliance.

Stapleton’s standing was reflected by an immediate, albeit modest, rise in Cordiant’s share price which increased 10.6% to £0.26 from its all-time low of £0.235.

Data sourced from: Telegraph.co.uk; additional content by WARC staff