NEW YORK: The Interpublic Group announced today that CFO Robert Thompson is being replaced by an as-yet unnamed external candidate with ?experience in senior finance roles in related industries.?
The holding company also set September 30 as an expected date for filing both its 2004 annual report, and first and second quarter financial statements for 2005. IPG?s filings have been delayed since last year due to extensive internal accounting problems.
In a release, the company said its preliminary analysis indicated ?a likely moderate drop in revenue in the first quarter of 2005,? as well as higher operating expenses as compared to the first quarter of 2004.
IPG chairman and CEO Michael Roth said in a statement that Thompson approached him last week and expressed his desire to leave the company. ?Separately, the company had begun the process of seeking new financial leadership,? Roth?s statement said.
The company expects to announce the new CFO?s name in late July, and have the new executive in place by early August.
Roth and Thompson will now ?jointly manage the finance function? until a new CFO begins work.
IPG?s PR agencies include Weber Shandwick, MWW, and GolinHarris.