LONDON, Dec. 20, 2002 (PRIMEZONE) -- The Board of Cordiant (NYSE:CDA) announces that the reorganisation of the Bates Group, commenced in September 2002, is nearing completion. As a result, Michael Bungey intends to step down from the role of Cordiant CEO at the end of this year and will hand over the role to David Hearn with effect from January 1, 2003. Michael Bungey will continue as an executive director of Cordiant until March 31, 2003.