True North sees net income rise 24%

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True North Communications, the holding company for FCB Worldwide and Bozell Group, reported net income of $86 million for 1999, up 24% from one year earlier. Revenue was $1.4 billion in 1999, up 16%. True North said net new business for 1999 rose 28% to $640 million in equivalent annualized billings. Also at True North, Donald Seeley, 56, is retiring as vice chairman and chief financial officer, but will remain a member of the board as well as a consultant. He will be succeeded by Kevin Smith, 45, senior VP and chief accounting officer.

Copyright March 2000, Crain Communications Inc.

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