Initiative Media Worldwide is to lose chairman/ceo Lou Schultz, reportedly “stepping down” after two years in charge.
Sources suggest Schultz will remain within Interpublic Group, Initiative’s parent, though in what role is not yet known.
His decision follows the loss last month of the network’s major client, Walt Disney Company, which consolidated its $500 million media duties at Starcom [WAMN: 21-Dec-01].
It is not known whether a successor has been appointed, though Carat USA boss David Verklin ruled himself out after industry sources labelled him a leading contender.
News source: Adweek.com