Magazine article ADWEEK

IPG Braces for Board Meeting: Pending NFO Sale, COO Search, Year-End Results on Agenda. (National News)

Magazine article ADWEEK

IPG Braces for Board Meeting: Pending NFO Sale, COO Search, Year-End Results on Agenda. (National News)

Article excerpt

NEW YORK

Interpublic Group's quest to sell NFO WorldGroup is down to three bidders, the holding company's search for a COO is quietly progressing and its board of directors will hear presentations from global agency chiefs this week.

What's more, IPG is preparing to report its fourth-quarter and year-end results for 2002, possibly next week. On top of all that, IPG CEO John Dooner is said to be stressing the need for across-the-board belt-tightening.

McCann-Erickson, for example, has been told to slice some $10 million from its North American budget "immediately," said a source. A McCann rep, referred calls to an IPG rep, who declined comment.

The call for cuts is directed toward achieving IPG's goal of reaching an overall operating margin of 13 percent by the end of 2003. Last year, the company produced an estimated margin of 10.8 percent.

While IPG shops hope to achieve some organic growth this year, much depends on how clients rebound from the recession. …

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