Corporate and financial agency Citigate Dewe Rogerson has denied industry rumours that its deputy chairman and international MD are leaving to launch a rival agency.
According to sources close to Citigate, deputy chairman Cary Martin and international chief Kevin Soady are planning to set up their own venture next year.
'The consensus among colleagues is that they are leaving to launch their own agency,' said one source. But Citigate bosses have refuted the claims.
Executive director Andy Cornelius confirmed that Martin has announced his retirement and is due to leave next year. He added that Soady will step down from his position as international MD, taking on a three-day week and a broader remit instead.
Both Martin and Soady denied any intention to go into business together.
'I am genuinely retiring,' said Martin. 'I am not going to be working in-house or setting up on my own.' Soady added: 'It's been 16 years and I just don't want to work full time anymore.'
Meanwhile, Cornelius will take over as international MD when Soady steps down.
Incepta CEO David Wright said they will not be replacing Martin as deputy chairman.