DraftWorldwide president and COO Jordan Rednor, who led the agency's late-1990s acquisition spree, is leaving to take an unspecified role at Interpublic Group.
Sources said Rednor, a financial specialist with a banking background but no strong client ties, is being moved "up and out."
CEO Howard Draft denied that was the case. Last week, he acknowledged the Chicago-based IPG shop has halted acquisition activity amid the economic down turn, and that not all of the purchases made by the agency were winners. But he praised Rednor's performance, adding that his move to IPG was initiated by CEO John Dooner and is intended to shore up the holding company's executive ranks.
"We've bought some great companies and we've bought some dogs," Draft said. "This doesn't have anything to do with whether we've bought more bad than good—which we haven't." Draft said there are no immediate plans to fill the worldwide president and COO's job.
Since joining in 1997, Rednor had orchestrated about 30 acquisitions that expanded operations through Europe, Asia and South America. DraftWorldwide claims bill ings of $3.6 billion.
Rednor said his job with IPG will be in "general corporate governance." An IPG representative confirmed Rednor would be taking on an unspecified role, but declined further comment. While some agency executives have found second acts at the corporate level, others have taken similarly vague jobs and quietly disappeared.
Rednor was at Chemical Bank many years before starting his own consultancy, which counted DraftWorldwide among its clients. He took the global president's title in March 1998.