No. 3 Holding Company Had Been on Upswing Before Losing GM, J&J Accounts
from AdAge, read more here
Published: June 26, 2007
NEW YORK (AdAge.com) -- The Interpublic Group of Cos.' long-running turnaround effort may be hitting yet another snag, as the third-largest holding company runs into trouble with two of its largest clients, General Motors Corp. and Johnson & Johnson.
The current account losses mean that Interpublic must address whether the company can meet its current turnaround goals at the time of its next quarterly results, expected the first week of August.
The current account losses mean that Interpublic must address whether the company can meet its current turnaround goals at the time of its next quarterly results, expected the first week of August.
GM, its largest client, yesterday moved about $384 million in billings out of Interpublic agencies, McCann Erickson and Lowe, to Publicis Groupe's Leo Burnett. Last week, Johnson & Johnson fired McCann, Interpublic's largest agency, on several brands that collectively spend about $92 million on measured media per year. Interpublic brass is awaiting decisions on J&J's global media-agency review, expected early in July.