Source Marketing CEO Howard Steinberg will retire at the end of the year, leaving President Derek Correia in charge of the agency.
Correia, who joined Source as president in November 2004, assumes the title of CEO. He’ll oversee the agency with Managing Partners Mark Toner and Rich Feldman. There are no plans to fill the post of president.
Correia was hired as Steinberg’s successor, as “part of the next-generation management team,” Steinberg said. Correia called Toner, who heads up business development, and Feldman, Source’s chief strategist, “my partners in two very critical roles.” Their five-year tenure at the shop lends continuity in the transition, Correia adds. Steinberg, who founded Source in 1989, sells his remaining ownership of Source to its majority-owner parent, MDC Partners, a Toronto-based marketing agency.
Steinberg will focus on building his two-year-old venture, LifeMed Media, a direct-to-consumer healthcare marketing company targeting consumers with chronic diseases. Its flagship property is dLife— Your Diabetes Life, with a weekly TV show on CNBC, a Web site, radio program and direct-mail newsletter. Steinberg, a diabetic, founded LifeMed in 2003; the company secured $6 million in financing in August to expand its products, distribution and marketing. LifeMed began as a sister company to Westport, CT-based Source.
Correia had been executive VP-director of marketing at Grey Direct, New York, before joining Source (Jan. 5 Xtra). His earlier jobs include CMO at BriteSmile and Renaissance Cruises, VP-marketing at Burger King, and director of marketing and product innovation at Pizza Hut.
Source ranked No. 46 in the 2005 PROMO 100 with 2004 net revenues of $10.8 million, up 31% from 2002. The agency picked up about a dozen clients in 2005, including Pfizer, Skyy Vodka, Philips Electronics, HSBC and TIAA/CREF. Earlier this year, Source expanded its direct-marketing wing and added a p.r. department, with plans to expand it in 2006.
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