Last week, Cordiant lost its £212m Hyundai US media-planning and buying account when the South Korean carmaker consolidated its entire £280m media budget into Aegis Group-owned Carat.
While a decision is not expected for at least a month, Cordiant agency Bates USA West, Irvine, California, which is taking part in the review to keep the creative business, is being tipped to lose the £106.1m account.
The announcement that the advertising account was to be reviewed followed almost immediately on the result of the media review. It is understood that Hyundai is being assisted by the consulting firm Select Resources International.
There had been speculation for weeks that Cordiant would lose its prized Hyundai US media account. Towards the end of last year, talk that the account was on the move sent Cordiant shares tumbling down, at one point at the end of November by as much as 8.1%.
The Hyundai account was described by chairman Michael Bungey as one of the global rocks upon which the business is built.
Immediately following the loss of the media account, speculation swept through adland that Bungey was under pressure from investors to step down. The news set Cordiant's share price reeling, falling more than 15%. Cordiant denied that Bungey was to go.
Hyundai UK is not affected by the review. It uses Leagas Delaney for creative and PhD for media buying. Hyundai Motor in Korea retains Diamond for creative advertising, while Hyundai Motor in Europe uses Atlas Advertising in London.
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