Tim Grey, who joined the company’s board just eight months ago from Brunswick, is leaving to set up a firm, called The Millbrook Partnership, with director Katya Reynier.
Meanwhile, Bell Pottinger C&F director Jeff Watt is moving to Weber Shandwick Square Mile.
Grey was hired partly to advise Lord Bell – chairman of Bell Pottinger C&F owner Chime Communications – on the strategic direction of Bell Pottinger C&F.
Grey, and Reynier were former colleagues at Brunswick before joining Bell Pottinger C&F.
Bell told PRWeek that Chime had waived Grey’s notice period ‘because he seems extremely anxious to get on with his new business’.
He denied market speculation that he had fallen out with Grey over Bell Pottinger C&F’s future direction.
‘He is leaving because he sees a gap in the market,’ Bell said.
He added that he was recruiting a replacement for Grey, who was one of seven board directors and five senior consultants with an input into the firm’s direction.
Grey said he and Reynier had seen ‘an opening in the market and decided it was something we wanted to pursue’.
The Millbrook Partnership’s founders are Grey, former CNBC Washington editor Reynier, and professor Ragnar Lofstedt.
Lofstedt is director of Kings College London’s centre for risk management and risk communications.
WS Square Mile said Watt would be joining as a director next week but declined to give further details.
Watt has several years’ experience as a financial services PR specialist.