Y&R’s Ed Vick Retires

NEW YORK–Ed Vick, worldwide CEO and chairman of Young & Rubicam, is retiring after 10 years in a host of senior roles at the New York shop, the agency said.

His duties–and titles–will be absorbed by Mike Dolan, chairman and CEO of Y&R Group, the corporate umbrella group that oversees Y&R and its subsidiaries. At the same time, chairman emeritus Peter Georgescu, 62, is returning to the fold in the capacity of senior advisor, the agency said.

The management reshuffling was announced late Thursday afternoon, even as clients were being notified of the moves.

“I think we have accomplished a tremendous amount during my time here, and I’m proud to have been part of it,” Vick said in a statement, adding, “It’s time now to begin a new chapter in my life.”

Y&R said Vick would “pursue his other interests,” without elaborating. Dolan described Vick, 56, as a “passionate leader, dedicated to clients and staunchly committed to creative excellence.”

In a separate memo to employees, Dolan, 54, said he was “committed to the group for the long term,” and that one of his first priorities was to forge a “stronger marketing alliance” between Y&R and its direct marketing unit Wunderman. He added: “I have spent this past year working with some of our advertising clients on a day-to-day basis, and eagerly look forward to immersing myself even more.”