Cordiant Communications has lost its group finance director Art D'Angelo to Interpublic, which has parachuted him into McCann-Erickson WorldGroup, the source of its recent accounting problems.
D'Angelo takes over the chief financial officer post left vacant by Sal LaGreca, who resigned because of the Interpublic Group of Companies accounting scandal, which saw it overstate its earnings by $181.3m (拢114.8m) over a period of five years. While LaGreca resigned, Interpublic vice-chairman David Bell was forced to give up key responsibilities.
Cordiant has replaced D'Angelo with Andy Boland, who has been with the company for five years and is currently deputy finance director.
Cordiant's outgoing chairman Charlie Scott: "As deputy finance director, Andy has been groomed for this job for some time, and we are confident that the transition will be seamless, given Andy's in-depth knowledge and experience of the group."
D'Angelo joined what is now Cordiant in 1994 as executive vice-president and chief financial officer at Bates USA. He joined Cordiant as finance director in December 1997.
Last week, Interpublic described its third-quarter results as "unacceptable" after reporting that revenues had fallen by 7.4% to $1.5bn (拢950m), with net income of just $7.5m.
It is currently under formal investigation by the US financial watchdog the Securities & Exchange Commission over the restating of charges.
Last week John Dooner, chairman and chief executive of Interpublic, said: "As you would expect, with the restatement behind us, we can now focus all of our energy where it belongs, on our clients and our people, as well as financial imperatives such as margin improvement and strengthening our balance sheet."
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