NEW YORK: David Kratz, Euro RSCG Magnet CEO, has parted ways with the firm and is being replaced by president and COO Aaron Kwittken. Kwittken's former co-president, Paul Jensen, will remain president.
Kratz said in a statement that he had reached the end of his earn-out period and was "looking forward to starting the next chapter in my career." His specific plans are not known, and he did not immediately return calls seeking comment.
Kratz, with Jensen, sold their eponymous firm in 2000 to Havas, which combined it with Creamer Dickson Basford and two other acquisitions - Capstone Communications and ACG Communications - to form Magnet. This April, Havas then merged Magnet with sister PR firm Euro RSCG Middleberg - where Kwittken was president ? forming Euro RSCG Magnet.
Kwittken lauded the newly combined firm's growth in the past year and said he will focus on four key areas. "I expect us to continue to grow in double digits in the consumer sector, but not that far behind would be healthcare, tech, and corporate," he said.
Kwittken called Kratz "an entrepreneur, deep down," and noted he was eager to move on after he had successfully overseen all integration issues caused by the merger.