G. Richard Wagoner, Jr. GM Chairman & CEO - Last Thursday, GM's falling market share and plunging sales led credit rating agency Standard & Poor's downgrade GM's investment grade rating to junk status.

It is reported that the embattled General Motors, which is still the world's top vehicle manufacturer, has awarded Starcom Mediavest, a division of France's Publicis advertising group, with its American advertising buying and planning account, estimated to be worth at least $2.8 billion.

Starcom Mediavest won over existing account holder Interpublic Group's Mediaworks and LCI, which had the accounts for more than 10 years. GM is one of the biggest advertisers in the US.

The loss of the GM account is significant blow to Interpublic, which is the world's No. 3 advertising group. It has been struggling with a restructuring plan and internal problems that led it to delay the release of its 2004 results.

Interpublic Chairman and Chief Executive Michael Roth said last March that the GM account amounted to less than 1 percent of the group's global revenues.