Interpublic's Bell Steps Down

  • by March 20, 2006
David Bell, the co-chairman of the Interpublic Group of Cos., who helped steer the giant holding company back to respectability in the wake of an accounting scandal and a federal government investigation, is retiring.

IPG announced Friday that Bell would become IPG's chairman emeritus and remain a consultant to the company. He could earn as much as $750,000 annually in consulting fees for five years, according to his employment contract. As co-chairman, he was paid $1 million per year.

"We support David's decision to make this transition," said Interpublic Chairman and CEO Michael Roth, who took over as CEO from Bell last year. "We appreciate his many contributions, and are pleased that he will continue to be available to assist us on specific industry or client initiatives."

Bell, 62, had been CEO of True North Communications when it was acquired by IPG in 2001. He was named vice chairman, and then assumed the CEO position, where he oversaw a restructuring that included the sale of non-core and poorly performing assets and a company recapitalization.

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In a statement released by IPG, Bell said: "I am pleased to have been in a position to step into the leadership role at Interpublic during a difficult time and I will continue to help the company in my consulting role in the years to come. Professionally, I still have as many things on my 'to do' list as on the list of things that I have accomplished. What's more, I have many passions outside of the business, to which I look forward to devoting more time and energy."

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