Magnet promotes David Kratz to CEO

NEW YORK: Darryl Salerno has come unstuck as chairman and CEO of

Magnet Communications.



He is being replaced by David Kratz, currently the agency's

president.



Patrick Lemarchand, CEO of Magnet's parent company, Havas Advertising's

Diversified Agencies Group, said: "Companies go through different

phases. Today we need people who are focused on managing the clients and

that is David Kratz's track record."



Kratz has clearly been given a mandate to make major changes to the way

the business is run. He refused to be interviewed but issued a statement

saying: "My plan is to build upon Magnet's strong foundation of talent,

resources and clients to propel the agency to the next level."



Kratz, who has a background in both law and entertainment, joined the

company in 2000.



He sold his firm Kratz & Jensen to Havas, which combined it with Creamer

Dickson Basford and two other acquisitions - Capstone Communications and

ACG Communications - to form Magnet.



Staff were unaware of Salerno's whereabouts, and he couldn't be reached

as of press time.



Before taking the top position at Magnet, Salerno was chairman and CEO

of Creamer Dickson Basford, and prior to that, CFO at both Edelman and

Ruder Finn.



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