IPG’s DraftFCB Confirms Firing CFO Bob Oates


Interpublic Group’s (IPG) DraftFCB has fired longtime CFO Bob Oates, Peter Verkooijen reports at Web2NewYork. Verkooijen confirms an earlier post by Adscam and other blogs:

According to George Parker, the ad veteran behind AdScam, Oates was fired over his objections to ‘excessive personal spending’ by Howard Draft, Laurence Boschetto and others at the top of the agency.

I have now received confirmation from DraftFCB-spokesman Wally Petersen that Oates indeed was fired. ‘We and Bob Oates have mutually decided to part company,’ DraftFCB’s statement reads. ‘We wish him the very best.’ DraftFCB last month shed 150 jobs, many of them here in New York, after the loss of Verizon’s direct marketing duties.

Yes, but what about that “excessive personal spending”?  Details, please…