Victor Corones departs Magna after ‘some discussion’ with IPG Mediabrands

After nine years in the role and 15 years with IPG Mediabrands, Magna managing director Victor Corones is departing the company following “some discussion”.

Corones does not have another opportunity lined up, but will “take some time out to consider his next career step”. IPG Mediabrands said it is fully committed to its investment and trading arm, and will advise of Magna’s new leadership structure in due course.

“After some discussion with Victor Corones, Victor has decided to leave IPG Mediabrands Australia and take some time out to consider his next career step,” IPG Mediabrands said in a statement.

“He has been a valuable employee of Mediabrands for 15 years. He is a senior figure in the business, running our investment and trading arm Magna.

“Victor led Magna to become the market-leading resource it is today as a first-class trading, accountability and media insights organisation within the Mediabrands group. He will leave us with our gratitude, our respect, our support and our best wishes.”

Before his leadership role at Magna, Corones spent almost seven years at UM, including as national investment director.

“There is a strong and effective management team at Magna, fully supported by the strategy and investment leads in our individual businesses,” IPG Mediabrands added.

Earlier this week, IPG Mediabrands’ local CEO Mark Coad asked his team, in an email to staff seen by Mumbrella, to agree to a 10% reduction in hours (and consequent pay cuts) until the end of the year, as part of a COVID-19 plan that involves nine-day fortnights, a hiring freeze, no pay rises and a pause on discretionary spending. There will also be a small number of redundancies.

IPG Mediabrands employees in the lowest salary band won’t have to take a cut, but will instead be asked to take all of their annual leave during 2020.

“This is our best way ahead rather than going straight to significant role redundancies, which is our only other alternative,” Coad said in the email.

“We will come out together on the other side of this, knowing we’ve done our parts to preserve our business, our client relationships, our teams and our roles.

“I appreciate your support, I really hope we can all agree to the ask, and get through this crisis. Together.”


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