Y&R San Francisco Lays Off 13 Percent

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.