• by David Goetzl , August 13, 2008

GroupM has a new top financial executive who joins from outside the media world, though he has worked within WPP before. Stuart Diamond, a former CFO at a pharmacy benefits management company, takes the same post at GroupM.

A CPA, his role covers GroupM's North American operations. In addition to overseeing corporate finance operations, he will play a role in assessing potential acquisitions, including the new media arena. CEO Marc Goldstein made the announcement.

Diamond had been CFO of National Medical Health Card Systems, which was acquired by SXC Health Solutions in April. He previously worked at WPP for eight years as executive vice president/CFO at Ogilvy Healthworld until 2005.

He replaces Joe Scangamor at GroupM, who takes the reins as COO/CFO at fellow WPP agency Enfatico.

"We're extremely pleased that someone with Stuart's credentials has chosen to join our ranks at GroupM," Goldstein said. "His deep background and extensive experience in corporate finance are perfectly suited to handle this assignment."

Diamond has also worked at Calvin Klein, and the parent of Dunkin' Donuts in London.