• by Joe Mandese  @mp_joemandese, June 1, 2010

In a move that may signal a new direction for the venture capital backed media buying processing firm, MediaBank has hired online exchange veteran Bill Wise as its new CEO, replacing Brad Keywell, one of the venture capital executives who oversaw the MediaBank's entry into the marketplace, which handles all the back-office functions for Madison Avenue, including the processing of media buys.

Calls to MediaBank were not returned on Friday, but executives familiar with the move say Wise is the long-rumored "industry heavyweight" MediaBank has recruited as its new chief. Wise joins MediaBank from Yahoo, where he was vice president of display advertising platforms, including Right Media, the company he ran prior to its acquisition by Yahoo three years ago.

The receptionist answering MediaBank's phones on Friday told Online Media Daily that Wise does not yet have a phone number with the company. On Sunday, All Things Digital published a story quoting Wise as saying he would be at MediaBank in a "few weeks."

The appointment comes at an interesting time for MediaBank, and for the advertising industry it services. To date, MediaBank's biggest client has been Publicis' Starcom MediaVest Group, which transferred its media-buying processing account to MediaBank following a high profile breakup with Donovan Data Systems, long the dominant player on Madison Avenue.

Both SMG and Donovan have been prohibited from discussing details of their resolution as part of an arbitration agreement, but SMG is believed to have extended its initial three-year agreement with MediaBank, and has folded in additional assignments, including media-buying processing for the General Motors account.

Publicis was initially attracted to MediaBank, because of its pitch that it would use its hefty venture capital funding to develop a state-of-the-art digital media-buying processing system that would rival Donovan's. Since its deal with SMG, MediaBank has made several acquisitions of smaller data processing firms, and has picked up a number of agency processing accounts that have diversified its portfolio, and executives familiar with the company say Publicis now represents only about 25% of MediaBank's client roster.

The appointment of Wise as MediaBank's new CEO is telling, because his experience in developing online media-buying exchanges suggests that MediaBank may have plans beyond simple data processing and analytic services.

"I don't know if exchange is the right word, but they clearly have an interest in developing an advertising marketplace," said an executive familiar with MediaBank's plans.

MediaBank's transition comes as Donovan is reinvesting in the development of better digital media processing capabilities, and as a number of big Madison Avenue organizations are reassessing their long-term data processing plans.

Interpublic, which held a high-profile review of its media processing account a year ago, and almost assigned it to MediaBank before opting to stay with incumbent Donovan, is believed to be considering a new review in the near future.

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