In an interview published today in the New York Times, Hearn, who took over from Michael Bungey at the close of last year, said he has a massive job on his hands, only made worse by this morning's announcement.
On top of the loss of Allied Domecq, Royal Mail and Woolworths, last year Cordiant closed its Bates USA West office following the high-profile loss of the $160m (拢100.6m) Hyundai media and creative account.
It also fell from eighth to ninth largest advertising group as its revenues crashed and it racked up debts of $350m. Hearn told the NY Times that he has a three-fold comeback strategy, with the most important thing being to stop what he called "the rot".
He is first looking to strengthen the group's balance sheet by the agency sell-off announced last year, which will see agencies go in Germany, Australia and the UK, and focus on core advertising, direct marketing and health agencies.
"I know there are concerns about our stability, but we can and we will do whatever it takes to make the company prosper. You need to turn the tide and get some things happening, even small things," Hearn told the paper. "The most important thing is to stop the rot."
In the interview, which was given just before the announcement of the Allied Domecq loss, Hearn said he wanted to remain independent. However, he admitted that a break-up or sell-off was also a possibility.
"At some point, it might be the right thing for shareholders to sell, and I'm paid to do the right thing for shareholders. Right now, a sale is not the right thing," Hearn told the NY Times.
Hearn said that, with the sell-off underway, he is making a virtue of the fact that the group is small. "We're trying to make a virtue of being a lot smaller than the other guys. And in some ways, our strategy is winning friends with clients already."
Hearn is aware in the current crisis that critics are quick to point out that Cordiant is being run by a man who does not have a lot of agency experience. Hearn's experience all comes from the client side.
"'They've brought in a bloke who doesn't know about advertising' is a foolish attitude," Hearn said. "I'm paid to understand clients, have relationships with clients, so my background might be valuable versus a person just with advertising experience."
"One definition of madness is doing the same thing over and over and expecting a different outcome," he added. "Cordiant was trying to look like the other agency companies, and people saw us as a less good version of them. In the future, we will be something else."
"Time will tell if we are doing the right thing, but we are doing something," Hearn said. "Doing nothing is the wrong thing to do."
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