Benzinga | Mar 1, 2021 01:54PM EST

Amy Armstrong Named Initiative CEO, Mat Baxter Becomes Chairman

Interpublic Group Of Companies Inc (NYSE: IPG) named veteran Initiative leader Amy Armstrong as the CEO.

* Armstrong succeeded Mat Baxter, who will assume the role of Global Chairman at Initiative through 2021. Mat has served as Initiative's CEO since 2016 and will stay within IPG in a new leadership role that the company plans to announce in the upcoming months.

* Amy overhauled Initiative's recruiting process to one that achieves bias neutrality. Her work is helping the agency build a more fair and equitable representation of BIPOC within the company. Under Amy's leadership, diversity has increased throughout U.S. operations, although much work remains to be done.

* Price action: IPS stock was up 2.51% at $26.78 on the last check Monday.