BOSTON -- Digitas Tuesday said Michael Ward, president/coo, will leave the marketing company at the end of the year to join Bain Capital.
As he prepares to depart, Digitas is reshuffling managerial chores among several senior executives. Rob Cosinuke, who has been president of Digitas' headquarters office here, becomes president for the company's global operations. Jeff Cote, evp, cfo, adds coo duties.
Robert Willms, who had served as president of Digitas' Chicago and San Francisco offices, now adds Boston to his purview. New York president Laura Lang will also oversee Chicago operations. Greg Johnson, president of Digitas' European operations based in London, takes on additional responsibilities for corporate strategy.
All report to chairman, ceo David Kenny.
Ward, who spent five years at Digitas and worked for Bain in the 1990s, could not immediately be reached, and Digitas, in a prepared statement, gave no rationale for his departure.
Publicly traded Digitas reported a net loss of $44.5 million for the third quarter on revenue of approximately $85.5 million. That figure represented an improvement over the third quarter of 2001, when revenue was $72 million. Company officials attributed the loss, which had been expected, mainly to a $47 million restructuring charge related to real estate holdings in Boston, New York and San Francisco. Though Digitas lost nearly $46 million in the third quarter a year ago, the company had posted modest profits of $711,000 and $1.8 million in the first and second quarters, respectively, of 2002.
Digitas said today in a statement that it anticipates fourth-quarter fee revenue $50-52 million, up from $48-50 million forecast previously.
Digitas shares closed at $3.40, up 35 cents.