Coen, who began his career with McCann Erickson in 1948, announced his retirement over the weekend at the age of 86. He plans to remain an adviser to , ' media agency.
Brian Wieser, a Magna senior vice-president, will replace Coen as global forecasting director at the agency.
Wieser told the New York Times that Magna's media forecasts, which are delivered twice a year in June and December, will begin to reflect the emerging media landscape, with an expanded focus on data and internet trends.
Magna's 'Insider's Report' forecasts typically track trends of advertising spend in local and national media while reviewing marketing campaigns from a wide remit of industries.
The New York Times reports that when Coen started forecasting 61 years ago, ad spend in the US was approximately $5bn per year -- which in 2009 now totals more than $250bn annually.
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