Home » Friends. » Toronto ad exec quits amid accounting scandal, hands back $12.5M

Toronto ad exec quits amid accounting scandal, hands back $12.5M

Global News

TORONTO – Miles Nadal, founder of Toronto-based advertising group MDC Partners Inc., announced his resignation as CEO this morning amid an ongoing investigation by the U.S. Securities and Exchange Commission into executive pay and the company’s accounting practices.

Nadal has agreed to pay back $1.9 million in expenses and $10.6 million in salary and bonuses in connection with the investigation, and will not receive any severance or compensation for stepping down.

Chief accounting officer Michael Sabatino is also resigning, and will repay $208,000 in bonuses.

Scott Kauffman, previously a presiding director on the company’s board, will take over the top spot as chairman and CEO.

MDC Partners has investments in more than 50 advertising and marketing-related agencies in Canada and abroad.

View original post

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s