The Variable promoted marketing chief Courtney Lewis to CEO of the Winston-Salem-based marketing firm. She’s replacing Jodi Heelan, who is stepping down in late August to spend more time with her family.
Matt Cook is moving up from senior vice president and group creative director to chief creative officer. Co-founder Joe Parrish is leaving the role at the end of the year and will become a senior adviser and board member.
The transition gives greater authority to Lewis and Cook, combining more than 17 years at the agency to create award-winning campaigns for NAPA, Tesla and Liquid Death. Lewis has led growth initiatives, revamping The Variable’s new business strategy and pitch processes. It led to a win rate of 75% last year, the firm said in a statement.
Lewis joined 5½ years ago as an account director. She takes over an agency, she said is growing in billings, though she won’t provide numbers. It recently added seven people to the staff, bringing the total to 63.
Lewis said on LinkedIn she, Cook and chief client officer Caroline Moncure “are ready to simplify our focus” in an environment increasingly difficult for marketers.
Chief marketing officers “are under more pressure than ever, regardless of business, regardless of industry,” Lewis said in an interview earlier today. “And one of the reasons for that is the inability to connect marketing with real business results. Part of our job as an agency is to build that connective tissue, especially in times of economic uncertainty, with tariffs flying around.
“The first instinct of most large organizations is to cut back on marketing,” Lewis said. “And our responsibility is to build the business case for investing in marketing and advertising.”
Simplifying The Variable’s focus requires staff to rely upon its marketing perspective and expertise, “rather than getting distracted by what else is happening in the industry,” she said.
Over the long haul, higher spending is shown to boost brands, according to Lewis.
“A huge part of our focus on a go-forward is investing in the capabilities to demonstrate the connectivity between a strong brand and the ability to drive sales.”
An early adopter of artificial intelligence, the firm uses the tool “in all of our workflows on a daily basis,” she said. “It primarily acts as a thought partner for our strategy team and speeds time to market for our creative work. I think at the end of the day, AI takes a really good agency and allows them to compete at higher levels because it’s a force multiplier.”
Lewis was part of the management team’s restructuring last summer. David Mullen stepped down as CEO, with Heelan taking charge after working as CFO.
The agency promoted Lewis as chief marketing officer and partner.
In her dozen years at The Variable, Heelan posted on LinkedIn that “we pulled off some pretty wild things together.” It led to recognition as Ad Age’s Small Agency of the Year four times, as well as workplace awards from Fast Company and Ad Age.
Heelan posted a photograph of her two young children, describing them as “my why. Here’s to more time with family, to a slower pace, and to the in-between.
“I’m sad to leave a place (and people) I love,” she said. “But I’m excited to see what you all do next. And I’m excited for what this open space holds for me. For the slow mornings. For the kid chaos. For the possibility that lives in the pause.”
Eton Solutions, a Morrisville-based wealth management platform used by family offices to manage more than $1 trillion in assets, raised $58 million in a Series C round.
The lead investor is Kuala Lumpur, Malaysia-based Navis Capital Partners, a private equity firm that manages more than $5 billion in investments.
In the past three years, Eton has more than quadrupled its revenue and expanded its client base by 340% across 15 countries. The company’s AtlasFive platform is used by more than 800 of the world’s wealthiest families. Eton employs 425 people and has invested $50 million in product development over the past decade. Fifty work at Eton’s Morrisville office.
According to a release, the company has made significant investments in artificial intelligence and expanded features for its services. It now manages more than 205,000 investments, $65 billion in annual bill payments and processes 14 million annual transactions.
The company will use the funding to fuel product innovation and AI development, the company said.
Eton Solutions was co-founded by CEO Rob Mallernee, who has previously started a Chapel Hill-based multi-family office, Eton Advisors. He had been head of the UBS Multi-Family Office Group and founding principal of the US Trust Multi-Family Office.
Eton Solutions cited a Deloitte study showing the number of single-family offices increased to 9,030 last year. They manage an estimated $3.1 trillion in assets.
“Our total addressable market is increasing every year, and our technology is expanding to meet it,” said Satyen Patel, executive chairman at Eton Solutions, said in a release. “Our focus as we enter our second decade is reimagining how wealth managers across the board manage liquid and alternative investments for their clients – whether one or many. This investment will let us super-charge our expansion to meet the growing markets and their demand for AI-driven efficiencies that create even more value.”
Patel is a former managing director at Nike, executive vice chairman of Cambridge Solutions, and former chairman of Prescient, a construction-technology company formerly located in Durham.
Eton’s platform “has become essential infrastructure for managing complex wealth at scale. We’re excited to continue supporting their growth and innovation, said Rajendra Pai, partner at Navis Capital Partners.