Schultz to Retire

LOS ANGELES — Initiative Media Worldwide chairman and CEO Lou Schultz, 58, is retiring after two years at the helm of the Interpublic Group of Cos. global media network. His departure, which was confirmed by IPG, was expected [Adweek, Jan. 14].

Schultz had been in discussions with IPG about taking another job within the holding company, but instead will serve as a consultant to IPG chairman and ceo John Dooner on media futures and trends.

The company is not naming a replacement but a new Office of the CEO. The office includes David Bell, IPG vice chairman, Marie-Jose Forissier, president and coo of Initiative Media Worldwide and Carolyn Bivens, president and COO of Initiative Media North America.