BOSTON: Racepoint Global CEO Peter Prodromou is no longer with the firm. Founder and former chairman and CEO Larry Weber has resumed those duties, effective immediately, the agency said on Thursday.
Its statement gave no reason for the change. Nor did Weber when reached for comment.
"It really was a mutual decision," he said. "I don’t want to go into all the reasons and causes. But both parties are happy and we're going to go in our different directions."
Prodromou could not be immediately reached for comment.
Prodromou had been CEO for two years and was president of the agency for three years prior.
Weber said he and Prodromou had been discussing the change in recent weeks and reached the decision this week. Weber would not disclose if Prodromou received a severance package or buyout from Racepoint but said there was likely a non-compete and non-disclosure agreement.
"I’m sure there’s something like that in place," he said.
Weber also said he remains amicable with Prodromou. "Yes," he said. "I’ve worked with Peter for almost 20 years. He’s a great guy."