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Bungey to leave troubled Cordiant.(Michael Bungey)(Brief Article)
Michael Bungey's days as the boss of Cordiant looked numbered this week amid reports that he was preparing to hand over the controls of the embattled group.
His exit, expected to be announced when the company reveals its half-year results on Friday 6 September, comes after investor unrest over the company's share price, which has almost halved in the past six months.
Bungey is believed to be ready to resign as the chief executive within the next six months, when he will hand over to David Hearn, the head of the Cordiant-owned Bates Worldwide network.
Charlie Scott, the Cordiant chairman who has also been the subject of criticism for the group's dismal performance, is set to increase the number of non-executive directors on the Cordiant board. This will include more Americans.
Cordiant will not comment on Bungey's fate but insiders say that the decision has been taken. However, there have ...
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...market conditions return. Cordiant management remains committed...presentation will be available on the Cordiant website, http://www...telephone conference call with Michael Bungey, CEO and Art D'Angelo...estimates and projections of Cordiant's management and information...
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- Magazine article from: Advertising Age April 23, 2001 700+ words
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