Arnold Leaves Ad Store

NEW YORK Tim Arnold has left The Ad Store after nearly a year as the independent agency’s managing partner in charge of new business.

Arnold, who was hired to amp up the New York agency’s new business efforts, said The Ad Store could no longer afford his services after a number of account losses this year.

“Finances forced my exit from The Ad Store. The additional business we were able to bring in . . . fell short of recent revenue losses and our ambitions,” Arnold said in a statement.

The agency lost its $20 million account and $10 million Mike’s Hard Lemonade business this year, and is awaiting a decision in the $25 million JetBlue review. And while the Ad Store has added some business—including American Business Media’s ad account and projects for Vespa, Chelsea Piers and Meredith Publishing—it was not enough to offset the shop’s losses and justify Arnold’s high salary, said agency president Paul Cappelli.

“He was brought in as the new business guy and he didn’t bring in enough new business to sustain his keep,” said Cappelli. The agency enjoys a steady flow of project work from referrals, Cappelli said, but few assignments from new business prospecting. “I was hoping to change that.”

Cappelli said he would not be hiring anyone else in a new business capacity.

Arnold has been consulting with New York independent DiMassimo and is poised to join the agency in a more formal capacity to lead the account services department, confirmed agency CEO Mark DiMassimo. President Lee Goldstein will continue to head up new business efforts.