MDC Partners (MDCA -6%) has named ad tech veteran Scott Kauffman chairman and CEO, to replace retiring founder Miles Nadal.
Kauffman had been presiding director, and will be replaced by current boardmember Irwin Simon. Kauffman has been on the board for nine years, and has been presiding director for three.
In April the company noted that Nadal had reimbursed the company $8.6M in perks and payments related to an ongoing SEC probe. It recently identified another $1.88M that he will repay. Connected to the retirement, he won't receive compensation or severance and will repay $10.58M in retention amounts from 2012-2015.
The company also said its former chief accounting officer, Michael Sabatino, has resigned and agreed to repay $208,535 in bonuses received 2012-2014.
MDCA sees no material impact from the latest repayments and reaffirms its full-year guidance. It'll announce quarterly results on Aug. 6.
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