Three executives out at Draftfcb
Three Draftfcb executives are no longer with the firm, said agency spokespeople.
The agency confirmed August 26 that North American President Mark Modesto, Chicago CFO Bob Mallers and North American Chief of Staff Bill McCarthy have left the company. No further details were given.
“Out of respect for their privacy, we cannot comment further,” said Karah McGeown, manager of corporate communications in Draftfcb's Chicago office, via e-mail.
The positions of Modesto and McCarthy have been eliminated, said Wally Petersen, EVP and chief communications officer, also by e-mail. Global CFO Neil Miller will handle the Chicago office's financial operations on an interim basis, Petersen added.
According to a report in Advertising Age that cited sources familiar with the situation, Modesto, Mallers and McCarthy were escorted out of Draftfcb's Chicago office the night of August 25.
A day later, the agency announced three appointments. Michael Fassnacht, formerly the company's worldwide chief strategy officer, was named president of Draftfcb Chicago, effective immediately. He fills the position left vacant when Modesto was promoted in October 2009.
In New York, the agency promoted Dana Maiman, most recently president and CEO of Draftfcb Healthcare, to its global operating council.
Mark Pacchini, formerly president of greater China and global accounts, was also given sole executive management responsibility of Draftfcb's global business with client SC Johnson.
Maiman and Pacchini are assuming newly created roles in the company, Petersen said.