Jul 6, 2006 6:05 AM, PROMO Xtra, By Betsy Spethmann
Benfield Resigns as CoActive CEO
John Benfield has stepped down as CEO of CoActive Marketing Group, which named Marc Particelli to replace Benfield.
Benfield has been with the agency (then Inmark Services) for 18 years, the last 15 as president-CEO, as it has grown to a $35 million business that includes CoActive and U.S. Concepts. The shop went public in 1995.
Particelli took the reins as interim CEO on July 1; CoActive is seeking a permanent CEO. Particelli had been CEO of Modem Media until Digitas bought the agency in 2004; he has been on CoActive's board of directors since February 2005.
Benfield stays on the board until Oct. 1 to help Particelli's transition; he remains the largest shareholder of the New York-based agency.
Benfield resigned in order to give CoActive a CEO who can continue its growth with a broader perspective than the agency's founder.
"We have accomplished quite a lot and now the company is poised to accomplish a great deal more. Eighteen years is a long time, and I believe that the combination of the outstanding board that we have built and a fresh pair of hands on the wheel will assure the company's continued growth," Benfield told PROMO. "As I move on to pursue other interests, I remain the company's largest shareholder and look forward to its success."
CoActive ranked No. 33 in the 2006 PROMO 100 with 2005 net revenues of $35.2 million, up 18% from 2003. The agency handles retail, account-specific and trade marketing as well as events, interactive, and strategic planning. CoActive sold its minority interest in Hispanic shop Market Visions back to its founder, Bonnie Garcia, for $1.1 million this spring (PROMO Xtra May 31, 2006).
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