Today we learned that the formerly independent, Minneapolis-based Olson announced the departure of two high-ranking executives in its brand/digital group less than a month after being acquired by ICF International.
The only thing we can confirm are the names of the two who are no longer with the agency:
- Lydell Capritta, president of brand/digital
- Mike Fetrow, executive creative director
Despite one tipster’s claim, CMO Mitch Caplan and CFO Scott Cheney are still with Olson as of this moment — though a source tells us that rumors of a move for Cheney may stem from the fact that changes often occur in financial departments following acquisitions.
Based on what our sources tell us, we believe that this move was more about re-alignment than downsizing; last month, a source did tell us that one of the reasons Olson chose to go with ICF was to minimize redundancies. While the press release announcing the acquisition told of “double-digit” growth during the first seven months of 2014, we hear that much of that growth occurred within units outside brand/digital (Olson Engage for PR, Olson 1to1 for loyalty/CRM, etc.).
No word on follow-ups, though we assume the agency has begun looking for replacements.