Beaven will remain as chairman of Initiative until the end of 2012 when he will step away from advertising to pursue photography on a full-time basis.
IPG Mediabrands global CEO Matt Seiler said, "Richard is a terrific leader and media practitioner. We appreciate the consideration he has given us so we can secure a seamless management transition.”
Jim Hytner, who currently leads sister agency UM’s operations in the G14 markets, will succeed him as worldwide CEO effective 19 March.
Hytner’s role at UM will be filled immediately by Guy Beach, who has most recently been COO of UM globally and was previously COO of J3 (IPG Mediabrands’ dedicated media services unit for Johnson & Johnson). Beach will be reporting to UM Worldwide CEO Jacki Kelley.
Hytner will also assume interim leadership of Initiative’s North American operations, taking on responsibilities from current regional president Tim Spengler, who will step up into the position of global CEO at MAGNAGLOBAL. An announcement about Spengler’s replacement will be made in due course.
Beaven commented: “This decision is a highly personal one and represents my wish to pursue a long-held passion." He joined Initiative in 2006 as CEO of Initiative North America. Under his leadership, Initiative North America won a string of key clients, and considerably grew its business with existing clients. In 2008, Richard was promoted to Worldwide CEO of Initiative. During his four years at the helm of Initiative, Richard has overhauled the strategy, operations and leadership of the network, introduced a new global positioning and led several successful pitches. Richard has worked in media and advertising for 26 years and during this time his achievements have been recognised on numerous occasions by the industry. He was named a Media Maven by Advertising Age, and was inducted into Broadcasting & Cable’s Hall of Fame.