NEW YORK Alec Gerster, global chairman and CEO of Interpublic Group's Initiative, will retire March 1. His successor is Richard Beaven, the shop's North American CEO, the agency has confirmed.Gerster joined Initiative in 2002 after a 30-year career at Grey Global, where he last served as CEO of Grey's MediaCom unit.
Beaven was hired in 2006 and has overseen an 18-month growth spurt during which close to $2 billion in new business has migrated to the shop's North American client roster, topped by this month's $800 million Hyundai/Kia win. Initiative is currently finalizing a Los Angeles team to handle that business. The Hyundai/Kia team's lead executive, newly hired evp Fred Sattler, will continue to report directly to Beaven.
Other key wins of late include $140 million this month from Cadbury Schweppes U.S. Beverages and various assignments from Bayer, Big Lots, Quiznos, Coors and Kao Brands.
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