In my upcoming book, MadScam, I describe advertising as the world’s second oldest profession. Prostitution beating it to the post by a nose! That’s why today’s news that Interpublic Group shareholders soundly rejected two activist proposals that the holding company had opposed—one to separate the roles of CEO and chairman and another to recoup bonuses paid to top executives in the event of a restatement, doesn’t surprise me. The votes came during IPG's annual stockholder meeting in New York, during which shareholders also re-elected eight directors, reappointed PricewaterhouseCooopers as outside auditor and adopted a performance incentive plan for 2006. In other words, it’s business as usual. Unfortunately IPG’s business is, as usual, in the toilet. That’s why instead of IPG CEO Michael Roth standing on stage and reflecting on the 2005 results and talking about the goals for 2006, he should have been publicly disemboweled. Based on past performance, he’ll probably get a multi-million dollar “well-done” bonus!
Why is this man smiling... Does he know something we don't... Does he have a numbered bank account in Zurich?
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