$90 million ad budget
The parting comes just weeks after E-Trade,
Mr. Utton, who previously worked with MasterCard and J.P. Morgan Chase, has worked with Interpublic Group of Cos. agencies in the past and is expected to look there.
Foote Cone & Belding Worldwide, New York, and Martin Agency, Richmond, Va., handled J.P. Morgan Chase. McCann Erickson, New York, handled MasterCard. But McCann recently won the account of E-Trade rival Brown Co., owned by J.P. Morgan Chase.
Mr. Utton replaced Pam Kramer, who was part of the committee that tapped Martin/Williams in 2003. E-Trade previously was with Omnicom's Goodby, Silverstein & Partners, San Francisco.
Blow for Martin/Williams
It's a big blow for Martin/Williams, which earlier this year lost the Staples account after two years.
Steve Collins, president-CEO of Martin/Williams, said the loss will force layoffs. He estimated the number at the low 30s, or 12% of the work force.
"This kind of stuff happens when a new marketing person comes on board," Mr. Collins said. "That kind of comes with the territory."
An E-Trade spokeswoman didn't return calls for comment.