Jason Stein, the founder of Laundry Service, has departed the company amid a leadership shakeup at the agency, which was acquired by sports sponsorship and management powerhouse Wasserman in 2015. Laundry Service and its media company and content studio Cycle have also laid off 10 percent of staff, its parent company confirmed.
A statement from Wasserman said Stein "recently transitioned out of Laundry Service and Cycle to pursue new entrepreneurial endeavors." Stein couldn't be immediately reached for comment.
Wasserman also confirmed former chief creative officer (and Stein's wife) Alyson Warshaw has left the company. Jason Kelly, former chief strategy officer, also transitioned to a "consulting role" earlier this year, a spokesman for Wasserman said.
The statement said Laundry Service and Cycle will now be led by Chief Operating Officer Jordan Fox, Managing Director Amy Hellickson and CMO Mike Mikho, "who have worked together at Laundry Service and Cycle for many years and have been integral in their success to date."
Laundry Service had employed 436 as of last year. A spokesman for Wasserman said the layoffs were "not concentrated in any particular department" and were "across the board." Adweek was first to report the news today.
"Jordan, Amy and Mike are each vibrant leaders with very complementary strengths and experience," Casey Wasserman, Wasserman chairman and CEO said in an emailed statement. "I have no doubt that, under their guidance and with my unconditional support, the companies will continue to grow and deliver great work. "
Laundry Service was number seven on Ad Age's 2018 A-List.
Laundry Service began its internal influencer management division Cycle in 2016 — it's now a full-scale media company and content studio that offers clients original video, editorial, branded collaborations and more. Laundry Service and Cycle are wholly-owned subsidiaries of Wasserman, the company said.
The seven-year-old full-service agency has grown beyond its social media roots. "We're not just a social media agency or digital agency anymore," Stein told Ad Age earlier this year. "We've become a company that, as a creative AOR or lead agency, strategic 360 agency, we're helping clients inform their entire positioning in the marketplace."
