Interpublic loses chief accountant
Marketing services company restates earnings
Interpublic, the world’s biggest marketing services company, has lost the
services of its controller and chief accounting officer.
Nicholas Cyprus resigned his post after less than two years on the job as the
company posted a loss for the fourth quarter and restated results for the first
three quarters of 2005.
The company has been struggling with operational and financial problems and
yesterday it said it would not be compliant with the disclosure provisions of
the Sarbanes-Oxley law until next year at the earliest.
Executives said the company was still grappling with the weak financial
controls that led to the present predicament.