MCCANN-ERICKSON WORLDGROUP NAMES CFO

Arthur D'Angelo Inherits SEC Inquiry, Financial Woes

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NEW YORK (AdAge.com) -- Embattled Interpublic Group of Cos.' McCann-Erickson WorldGroup hired Arthur D'Angelo as its chief financial officer, people close the situation said today.

Mr. D'Angelo, most recently financial director at Cordiant Communications Group, parent company of the Bates Group, replaces Salvatore LaGreca.

Mr. LaGreca had been vice chairman of finance and operations of McCann-Erickson WorldGroup. In late October he announced he was resigning at the end of January "to pursue other interests."

Earnings restatement
Mr. LaGreca's announcement

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came on the heels of Interpublic's Oct. 16 forecast of lower earnings and intent to restate earnings downward for the past five years. Earlier this month, Interpublic revealed that the Securities and Exchange Commission is investigating the company's planned restatement of those results.

The restatement covers $181.3 million in charges, including $101 million in incorrectly accounted charges at McCann-Erickson Europe for work performed for other Interpublic advertising agencies and several other adjustments uncovered as a result of a companywide review started after the McCann situation came to light.

McCann-Erickson Europe is a division of McCann-Erickson WorldGroup.

Mr. D'Angelo was tax director for Saatchi & Saatchi Holdings USA in 1987. He became executive vice president and finanical officer of Cordiant's Bates USA in 1994, and since 1997 has been finance director of Cordiant. Cordiant today said Andy Boland, currently deputy finance director, will replace Mr. D'Angelo.

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