SAN FRANCISCO - Young & Rubicam in San Francisco has laid off 13 out of approximately 100 employees, confirmed Sally Kennedy, svp/director business development at the agency.
"It was a case of right sizing for the market," Kennedy said. The cutback will "set the agency straight for 2002," she added.
The layoffs come one week after Y&R president and CEO Austin McGhie announced he would be stepping down to pursue a career on the client side after five years at the agency.
Y&R recently picked up the Verisign account, which is estimated to be worth more than $60 million.