NEW YORK: Darryl Salerno has come unstuck as chairman and CEO of
He is being replaced by David Kratz, currently the agency's
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