The marketing group which owns IAS, The Gate Worldwide and Smarts has promoted Reid from group development director to chief executive from January although he will take up a position on the board immediately.

In June of this year Parry came into conflict with the group’s largest shareholder Peter Lynch who wished a place on the board, something Parry disagreed with, claiming that he lacked the correct experience, although the issue has yet to be fully settled.

Parry explained: “The role of a combined executive chairman and chief executive is unsatisfactory from a corporate governance best practice but in 2007 Media Square was in such a deep crisis that the best way to manage a radical recovery plan was to create the role on a temporary basis. I am delighted that despite the ravages of the recession, the turnaround has gone well and it is now possible to move to the far more conventional situation of a separate non-executive chairman and a chief executive.”