Forty-three days later, it's all over but the press release: Mr. Limato on Friday stepped down as co-president and, insiders said, may soon exit the agency entirely.
In a statement released to Ad Age, ICM chairman Jeff Berg said, "ICM is restructuring its business to ensure that we develop the most innovative projects for our clients. As part of this process, the agency is making fundamental changes throughout the business to support the next generation of leadership."
Making way for younger agents
In other words, Mr. Limato is leaving to make way for younger agents, such as ICM Co-President Chris Silbermann, who is said to have chafed at Mr. Limato's go-it-alone management style. Insiders familiar with the situation said Mr. Limato might well join a rival agency such as Endeavor (home to another former ICM co-president, Nancy Josephson) or simply become a manager to his many star clients. For ICM, the latter scenario would be far better: Without Mr. Limato, ICM would be bereft of much of its star wattage and gross players.
Mr. Limato did not immediately return a call seeking comment late Friday afternoon.