CMO Hunt On at E-Trade After Exec Behind Talking Babies Departs
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Nick Utton, the CMO behind E-Trade’s long-running and popular ad campaign featuring talking babies, has left the financial-services firm.
The New York-based marketer declined to comment on Mr. Utton’s departure, which it acknowledged in an SEC filing earlier this month. But according to people familiar with the matter, the company has begun a formal hunt for Mr. Utton’s replacement. There’s no time frame for when the search will be completed.
In the interim, agencies — which include longtime lead creative shop, WPP’s Grey — and marketing groups are reporting to existing management. Currently E-Trade is in the midst of broad cost-reduction campaign, reducing its overall expenses, a portion of which is marketing. According to Kantar, E-Trade Financial Corp. spent $248 million on domestic measured media in 2012. The company wants to cut $30 million by 2014.
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