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Schultz to Exit Initiative Media

LOS ANGELES—Lou Schultz, chairman and CEO of Initiative Media Worldwide, is stepping down after two years at the helm of the Interpublic Group global media network, sources said. Schultz is expected to remain with IPG in an undetermined role. Initiative parted with its flagship client, The Walt Disney Co., in a $500 million media consolidation won by Starcom last month. David Verklin, Carat USA head, was a leading candidate for Schultz’s post, sources said, but Verklin on Friday said he is “certainly not in the running.

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