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Interpublic taps D'Angelo as McCann-Erickson CFO

NEW YORK, Nov 26 (Reuters) - Interpublic Group of Cos. Inc. , the global No. 2 advertising company, on Tuesday named Arthur D'Angelo as chief financial officer of its embattled McCann-Erickson Worldgroup, after accounting mishaps at the unit and elsewhere in the company led to a $181.3 million earnings restatement.

D'Angelo, 51, most recently the finance director at British advertising firm Cordiant Communications Group , will report on all financial matters to Interpublic CFO Sean Orr. On operational matters, he will report to McCann Chief Executive James Heekin.

D'Angelo's predecessor, Salvatore LaGreca, announced his plan to step down as vice chairman of finance and operations at McCann-Erickson in October, after Interpublic first announced its intent to restate earnings. D'Angelo will take over the flagship agency group in January.

After investigating intercompany charges at McCann, mostly in Europe, Interpublic was forced to restate $101 million over six years that was improperly expensed. The remainder of the restatements came from understated liabilities and other items at several other Interpublic units.

The company said on Nov. 19 that it was the target of an informal Securities and Exchange Commission inquiry related to the restatements.

Shares of Interpublic fell 15 cents to $14.50 Tuesday on the New York Stock Exchange. The company's blue-chip clients include General Motors Corp. and Coca-Cola Co. .