Reunites marketing pair
Mr. Jakeman's move will reunite the marketing pair responsible for Citigroup's "Live Richly" campaign, generally regarded as consumer-bank marketing's high point. He will report to Anne McDonald, the former chief marketing officer for Citi's global consumer group who now holds the dual title of Federated CMO and president of Macy's corporate marketing group.
Earlier this month, Federated Department Stores' Macy's launched a national branding campaign, the first since its merger with May Co., in a bid to try to reestablish the department store as a more fashionable brand. The ads, which veer away from Macy's recent promotional approach, were created by WPP Group's JWT, Chicago. Macy's is in the process of bringing 400 May department stores under its nameplate, giving it more than 800 locations in all and a budget approaching $1 billion.
Mr. Jakeman's official title is not yet determined, but according to executives familiar with the situation it is expected to be a broad role running the corporate marketing group, including creative components like advertising and in-store experience for the Macy's brand. He is expected to start in October, said a person familiar with the move. Mr. Jakeman's last day at Citi is tomorrow.
Mr. Jakeman couldn't be reached for comment and a Federated representative declined to comment.
Driven by opportunities
Mr. Jakeman's decision, according to this person, was driven by the opportunities afforded by Macy's national expansion and by Citi's decision to move away from the "Live Richly" campaign and allocate more spending away from brand marketing and into direct communications. This summer, Advertising Age reported that Citi had pulled a significant portion of its budget out of several major media. The company phased out "Live Richly" earlier this year after about a five-year run.
Earlier this week, a Citi spokesman said Robert O'Leary, who was CMO of Citi's credit-card business, is moving into the role of managing director-global advertising for global consumer group, Mr. Jakeman's current title.
Prior to joining Citigroup, Mr. Jakeman, 38, ran Ogilvy & Mather's international relationship with American Express.
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Mya Frazier contributed to this report.