(The Circulator) David Steward is out as CEO of International Masters Publishing Inc.
The departure came roughly two weeks after Advertising Age reported that he was on the short list of candidates for the CEO slot at Gruner & Jahr USA Publishing.
Steward left the firm, the U.S. entity in a worldwide group of direct marketing companies, on June 2. Simon McMurtrie, chief executive of parent IMP Group, said the departure was a joint decision.
The U.S. company, which has annual revenue of $150 million, is now searching for a new top executive. Michael Ramm-Schmidt, a non-executive director for the IMP Group, will serve as U.S. chairman and interim CEO.
Given the sudden announcement, observers wondered whether Steward was sacked because he had been interviewing at Gruner & Jahr.
McMurtrie maintained that
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