BOSTON: Racepoint Global co-COOs Karen Lew Bouchard and Peter Shanley have left the firm.
Racepoint Global CEO Larry Weber told PRWeek that their last day was May 31. Aside from being COO, Bouchard was chief HR officer and Shanley was CFO. Weber said Shanley’s duties are now being handled by Philip Chadwick, who heads finance.
He said Bouchard will not be replaced.
"We’re just going to use the very competent staff that [Bouchard] has trained over the last 25 years," Weber said.
Shanley, who did not respond to requests for comment, exited because he is interested in "doing something different," said Weber.
Bouchard, who had been at Racepoint almost 16 years, said she plans on spending the summer with her family before deciding what she will do next professionally.
"It may be in the comms industry or it may not," she said.
Bouchard noted that she has "the utmost respect for [Weber] and the Racepoint team," adding that she left the firm on good terms.
"It was mutual," she said. "We had a conversation about where the agency was going and the structure of the agency and we both felt it was time for a change."
Last year, Racepoint also lost its then CEO and president Peter Prodromou, who had been with the firm for 15 years. Weber said there was no common thread to the departures, when asked if he was revamping his leadership team or if the three were unhappy with the firm’s direction.
"They all had different reasons for leaving," he said. "All mutual. Moving forward, [we’re] excited about the future."
He added that Racepoint will "beat its plan" for the first half of the year.
"It was very strong," said Weber. "We recently sent out a news release about a bunch of new accounts and I’m feeling real good for the year so far. The pipeline is very strong and we feel very good."
Prodromou declined to comment on the recent changes at his Racepoint. Earlier this month, he accepted the role of chief growth officer at Boston Digital.
Bouchard and Prodromou both said their departures had nothing to do with a 2017 incident in which the former CFO of Racepoint Global, Edward Abell, was charged with embezzling more than $3.6 million from the agency.
Weber also said the departures were "not at all" related to the scandal.