The market research company Taylor Nelson Sofres yesterday named Andy Boland, the former finance director of the advertising agency Cordiant, as its new finance director. The 34-year-old will take up his new job on Monday. He has not worked since October, when he left Cordiant after being ousted from his post following the group's takeover by WPP for a mere £10m. Cordiant, formerly Saatchi & Saatchi, was once valued at £1.2bn.
Controversially for Cordiant shareholders, who had seen the value of their investment fall over the years, Mr Boland was offered £816,000 severance pay on completion of the WPP deal.
The appointment of Mr Boland came as Taylor Nelson Sofres said it was on track to hit its target for turnover growth in 2003. It also said it expected growth to be "broadly in line" with the market this year, with outperformance over the longer term.
The company said the integration of the NFO business, the US rival it bought last year, was progressing well and predicted higher-than-expected cost savings. It now expects at least £15m this year. Costs relating to the merger are expected to be about £14m of which about £9m will be charged to the accounts for 2003.Reuse content