MDC Partners has parted ways with its Chief Operating Officer Andre Coste. According to an SEC document filed by the company last month, the termination took effect June 15.
In the document, MDC stated that Coste’s departure was the result of a “limited restructuring of the Company’s corporate department.”
Coste joined the company in 2013 as the head of a newly created unit called the MDC Partners Network that was established to marshal an array of resources to company agencies, including human resources and PR support, as well as business development and procurement efforts.
As part of his remit Coste coordinated with agency executive teams and reported to the company’s CEO at the time, Miles Nadal, while working closely with company CFO David Doft. Nadal left the company last year under the cloud of an ongoing SEC investigation that is probing accounting and trading activity at the firm. He was replaced by Scott Kauffman.
In a note to investors earlier this week, Daniel Salmon, analyst at BMO Capital Markets, described Coste’s departure as a “significant positive” given the resulting “closer partnership between CEO Kauffman and agency leaders.” Salmon also told investors to expect a severance charge related to Coste’s termination to be disclosed in the company’s second quarter earnings report.
Before joining MDC Coste was global CFO of Publicis Worldwide. He relocated from Paris to New York to take on the new MDC role.
An MDC rep didn't immediately respond to a query seeking comment on the restructuring and departure of Coste.