INTERNATIONAL: Interpublic Group hires new exec to address troubles

NEW YORK: Weber Shandwick parent firm Interpublic Group (IPG) has ended its six-month search for an executive to lead its accounting practices, naming Christopher Coughlin as chief operating officer.

Coughlin will move to the beleaguered holding company on 16 June from drug company Pharmacia, where he currently holds the roles of EV-P and chief financial officer.

The search began in November after a cascade of bad financial news – including revenue shortfalls and erroneous accounting – came to light.

Earlier this year, the company was forced to restate earnings from as far back as 1996.

His appointment coincides with IPG results out this week, which reveal a net loss of £5.4m in the first three months of the year, compared with a profit of £37.1m in the same period last year.

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