Bungey returns to ad industry as chairman of Adstream

Michael Bungey, the former Cordiant chief executive, has returned to the business as the chairman of Adstream, a hi-tech company that claims to be revolutionising the way ads are distributed.

News of his role comes almost a year after he stepped down from a debt-ridden and strife-torn Cordiant, which was this year acquired by WPP after a bitter takeover tussle.

Adstream uses software systems and a broadband video network to control and streamline some of the day-to-day processes within agencies.

The company says it has ended the need for ads to be biked around the country. As a result, agencies save time while avoiding duplication, transport and storage costs.

Since leaving Cordiant as a result of shareholder pressure, Bungey has been overseeing the European expansion of the company, which already claims to be working for 75 per cent of Australia's agencies.

Bungey presided over a traumatic final period for Cordiant, which paid a heavy price for a $540 million buying spree that culminated in the disastrous purchase of the Lighthouse Group three years ago.

The result was a series of profit warnings, job losses and a plunging share price. It led to Bungey stepping down in 2002, in favour of David Hearn, whose attempt to slim down Cordiant and focus on core businesses was dealt a lethal blow when Allied Domecq removed £18 million worth of business.

Cordiant's independence finally came to an end in July this year when its shareholders voted overwhelmingly to accept Sir Martin Sorrell's £266 million offer.

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1 Job description: Digital marketing executive

Digital marketing executives oversee the online marketing strategy for their organisation. They plan and execute digital (including email) marketing campaigns and design, maintain and supply content for the organisation's website(s).