Former Lida chairman and strategy chief officer Matthew Heath has joined independent investment giant Invesco’s UK division as chief marketing officer, just weeks after stepping down from the agency.
Invesco has more than 7,000 staff across 25 countries and manages over $988bn in assets on behalf of clients worldwide. The company is a long-term client of the M&C Saatchi-owned agency.
According to press reports, Invesco is also on the verge of a deal to buy OppenheimerFunds, a subsidiary of Massachusetts Mutual Life Insurance, in a deal worth more than $5bn.
Heath is moving client side for the first time in his career, having started at JWT in the mid-Eighties before spells at Mountain View, WWAV Rapp Collins (now Rapp) and his own start-up Heath Wallace. He joined M&C in 2004 and had been chairman of Lida since then; Heath also led strategy teams across the group.
Earlier this month Heath claimed that “everything I have learnt at Lida will stand me in good stead”.
Having been the “shining star” of the M&C group for a number of years, in the past 12 months the agency has been hit by the loss of a number of key accounts, including Boots and the Ikea Family loyalty club business, triggering the departure of both Heath and chief executive Victoria Fox.
M&C Saatchi group chief executive David Kershaw has revealed that Lida has identified a new chief executive for the agency, who is expected to start in January.
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