M T Rainey, the high profile agency chairwoman (whose forenames are said to be a state secret) and Jim Kelly, chief executive of Rainey Kelly Hoare Wheeler/Young & Rubicam, have both quit the agency they helped form eleven years ago and subsequently sold to Y&R in 1999.

The terms of the sale required the duo to remain with the shop for a five year period. Now, five years older and several millions richer, the pair have decided to quit.

In a joint statement they chorused: "Since we launched Rainey Kelly Campbell Roalfe in 1993 the workload has been unrelenting, and we feel we have now earned a break."

So far as is known, neither have other jobs in prospect; but word around UK adland's parish pump is that Sir Martin Sorrell has dangled irresistible temptations in their direction.

Meantime, it is unknown who will fill the shoes of Rainey and Kelly. The agency declined to confirm that the sole surviving founding partner, Marlk Roalfe, will take over as chairman.

Data sourced from MediaGuardian.co.uk; additional content by WARC staff