Coyne has cut 28 staffers in administration and digital amid a restructuring at the Parsippany, N.J.-based firm.
|
|
The 25-year-old firm told O'Dwyer's the moves were driven by "overstated projections" by its former chief financial officer that led to overstaffing.
"All of the staff members at Coyne are considered family and it was with deep regret that realignment was necessary," the firm, led by founder Tom Coyne, said in a statement. "With the reduction in expenses, the company is now in a strong financial position as we enter the second half of the year."
Mike Sloan, former VP of finance for Taylor, joined the firm in 2014 as CFO with a mandate to direct financial strategy and lead budgeting auditing, treasury and real estate. He was CFO for Edelman's US operations and chief CFO at Ogilvy PR.
Coyne was up 17.3% in 2015 to hit $27M in revenues and more than 180 staffers.
Gawker.com, which first reported the restructuring, published an internal memo of the firm that indicated some employee perks would be scaled back amid a forensic investigation of Coyne's financial status.
DJE Holdings, parent of Edelman and Zeno, launches RUTH as an independent shop named after Ruth Edelman, mental health advocate, wife and longtime business partner of Dan Edelman.
New York City PR firms make up the largest slice of O'Dwyer's 147 firm overall ranking with 33 of 40 in the New York/New Jersey area either calling Manhattan their home or having a presence there.
Subject Matter+Kivvit, which joined forces in May, has rebranded as Avoq, an integrated shop with more than 200 professionals in Washington, New York, Asbury Park (NJ), Miami and Chicago.
While PR pros stationed at in-house comms. teams and those working for agencies share many of the same objectives, they also have markedly different top priorities, according to a recent report.
Edelman is cutting 240 employees or about four percent of its workforce to cope with the cooling down of the PR sector, according to a memo from CEO Richard Edelman.
Have a comment? Send it to 
No comments have been submitted for this story yet.