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Interpublic Group made it clear last week that the “engine that drives” it is broken. In announcing the holding company’s dismal 2002 results, new CEO David Bell said McCann-Erickson WorldGroup has “temporarily lost its way financially.”
Sources said WorldGroup’s profit was off nearly 50 percent last year. IPG will not discuss details, but when it unveiled its earnings shortfalls last week, executives laid the blame on McCann and Octagon.
Fourth-quarter 2002 results were particularly bad: Net income plummeted 79 percent, to $20.3
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