MDC 'working diligently' to improve performance as it seeks new CEO, mulls sale
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MDC Partners reported third-quarter earnings Monday morning, saying it has continued to cut costs as the holding company seeks a new chief executive and continues a strategic review.
The company reported that third quarter revenue was flat year over year at $375.8 million. It also saw organic revenue growth of 1.5 percent. MDC’s organic growth factors offset the effects of currency movements and acquisitions.
MDC announced in September that its chief executive and chairman, Scott Kauffman, would be stepping down from these positions, and would resign on Dec. 31 or when his successor starts, whichever comes first. The company said he would also remain on the board until June 2019. But Kauffman did not lead today’s earnings call it instead was led by MDC chief financial officer David Doft, who fielded a relatively brief call that ran shy of 25 minutes.
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