NEW YORK: Grayling has eliminated the position of U.S. CFO Tony Cofone.
The job cut was part of Huntsworth’s plan to consolidate IT, human resources, and finance to drive efficiencies across its business. Cofone departed Grayling last month, U.S. CEO Peter Harris said via email.
"[Cofone's] position was eliminated as we slowly consolidate back office where and when it makes sense," said Paul Taaffe, CEO of Grayling parent Huntsworth, via email. "This has been happening over the last two years globally across all agencies as we reduce our cost for delivering our financial reporting and then invest that in client-facing consultants."
Taaffe added that Cofone was an "outstanding" commercial director.
Cofone, who was not immediately available for comment, joined Grayling in July 2014. Before that, he worked at MSLGroup for 16 years as SVP, CFO, and COO for the New York office, according to his LinkedIn profile.
Harris, who has served as U.S. CEO since January 2014, is also stepping down at the end of the month to launch a consultancy. He plans to collaborate with Grayling to counsel key clients.
Taaffe will act as U.S. chief executive after Harris’ exit.
London-based Grayling reported an operating profit of $0.5 million (£0.4 million) in the first half of this year, up from a slight operating loss in the first six months of 2016, despite a revenue drop of 13% on a like-for-like basis in the period to $27.3 million (£21 million).
Grayling’s holding company, Huntsworth, reported a pre-tax profit of $12 million in the first half of the year. Revenue was up 9% on a like-for-like basis to $122.6 million. The holding company also owns and operates Huntsworth Health, Red, and Citigate Dewe Rogerson.
Other top Huntsworth agency executives have announced plans to move on this summer. Howell James is stepping down as CEO of The Quiller Consultancy; Neil Matheson, the U.S.-based chief executive of Huntsworth Health, exited last month.