Coyne has cut 28 staffers in administration and digital amid a restructuring at the Parsippany, N.J.-based firm.
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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.
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