IPG's CFO TO STEP DOWN

Sean Orr Will Be Replaced By Christopher Coughlin

By Published on .

NEW YORK (AdAge.com) -- Interpublic Group of Cos. today announced that its executive vice president and chief financial officer, Sean Orr, will leave the agency holding company at the end of August.

Christopher J. Coughlin, Interpublic's chief operating officer, will take over Mr. Orr's title and responsibilities. According to a statement issued by the company, Mr. Orr has resigned to "move onto a new phase in his career."

A spokesman could not be reached

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at press time.

Little surprise
The move came as little surprise, given the June arrival of Mr. Coughlin and Interpublic's year of financial missteps. The company, over the past year, has been forced to repeatedly restate earnings reports after discovering problems including overstatement of revenue at McCann-Erickson WorldGroup. It also is the subject of a Securities and Exchange Commission investigation and an Internal Revenue Service review.

Mr. Coughlin joined Interpublic from Pharmacia Corp., where he was chief financial officer. His arrival was preceded by a management change at Interpublic, with Vice Chairman David Bell succeeding John J. Dooner Jr. as Interpublic's chairman and CEO. Mr. Dooner went over to run McCann-Erickson WorldGroup.

Mr. Orr joined Interpublic as chief financial officer in June 1999 from PepsiCo, where he had been senior vice president and controller.

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