Salvatore is to be replaced by Laura Desmond, CEO of Starcom MediaVest Group Latin America. Salvatore will move to the new role of chief investment strategist, a role created especially for her.
Salvatore's new job will see her focus on several key clients, including Procter & Gamble and Kraft.
Jack Klues, CEO of Starcom MediaVest Group, said: "We worked to create a new position that would leverage her strengths to the benefit of MediaVest and its clients."
He said that by reducing her operational duties, she would have more time to concentrate on cross-platform deals, growing client relationships and building new business.
During Salvatore's two-year tenure as CEO, MediaVest was named agency of record for Kraft and Mars Kid, and won new clients Heineken, Touchstone Energy and Guardian Insurance among others. She has also been named as one of the "50 Most Powerful Women in Television" for 2002.
Desmond's post will be filled by Nancy Mullahy, president of SMG Mexico.
SMG had billings of $18.5bn (£11.7bn) in 2001, making it the second largest brand communications group in the world. Its global business includes offices in 89 markets, and more than 3,200 staff.
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This article was first published on brandrepublic.com