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Alarm bells at Interpublic as latest finance chief quits.(Brief Article)
Interpublic this week set new alarm bells ringing among investors with an announcement that it was parting company with its third finance chief within 19 months.
With Robert Thompson set to quit after just a year in the job, the embattled group signalled that a turnaround was still some way off by admitting that it would not be able to file its overdue financial results until 30 September.
The gloomy scenario was compounded even further as IPG, whose operating companies include McCann Erickson, Foote Cone & Belding and Lowe Worldwide, predicted that its first-quarter revenues were likely to be down on last year.
Meanwhile, the Securities & Exchange Commission has widened its investigation into the IPG accounting scandal, which resulted in dollars 145 million in overstated revenues.
The SEC is now looking at how some of the IPG acquisitions during the 90s were accounted for, as well as issues ...
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