Interpublic names new execs; creates media unit
NEW YORK, July 9 (Reuters) - Interpublic Group of Cos Inc (IPG.N), the advertising services company, named Matt Seiler as global chief executive of its Universal McCann media buying agency, it said on Wednesday.
The appointment is one of several executive changes amid a broader shake-up announced by Interpublic at its media business, which plans and buys advertising for corporate clients like Johnson & Johnson (JNJ.N).
As part of the reorganization, Interpublic created an umbrella division named Mediabrands to coordinate work between big media agencies Universal McCann and Initiative.
Nick Brien, who previously served as CEO of Universal McCann, will run Mediabrands. The job also gives him oversight of agencies Magna, Magna Trading, J3, NSA, OSI and Wahlstrom.
Interpublic stressed that its media agencies have not been combined and will continue to operate independently.
At Universal McCann, Seiler will replace Brien in the top spot. Seiler comes to Interpublic from larger rival Omnicom Group Inc (OMC.N), where he was CEO of media agency PHD North America.
Meanwhile, Moody's Investors Service raised its rating on Interpublic, which reached a $12 million settlement in May with U.S. securities regulators who investigated accounting problems.
Moody's changed its ratings to positive from stable, reflecting "progress made by the company in its corporate turnaround, including remediation of numerous material internal control weaknesses, reducing leverage, and expanding operating margins."
Shares of Interpublic fell 26 cents to $7.90 on the New York Stock Exchange. (Reporting by Paul Thomasch; editing by Jeffrey Benkoe)
