Since Dooner took the helm of IPG less than two years ago, the holding company's share price has fallen by more than 70 per cent. It stands at $12.14.
The figure suffered a sharp drop last week following a report that McCann-Erickson Europe's accounting anomaly amounted to $120 million, not $68.5 million. The share price also sparked speculation the group could be a takeover target, or that it could face a buyout and breakup by a private equity company.
IPG said it expects to cut its full-year earnings because of problems with its Octagon Motor sports division, the economy in Latin America and Japan and falls in certain marketing services, on top of accountancy discrepancies.
- Stuart Elliott in America, p19.
