• by Joe Mandese  @mp_joemandese, November 25, 2003

In a surprise development, one of Coca-Cola Co.'s top media executives - Chris Gagen - is leaving to take a senior management position at Carat North America, an agency that was a finalist, but failed to win the marketer's coveted media planning and buying account.

On Monday, Coca-Cola Co. moved its massive media buying account to Publicis' MediaVest unit, effectively consolidating its media account within Starcom MediaVest Group. Starcom had already handled media planning.

The decision was a blow to Coca-Cola Co.'s long-time media buying shop, Universal McCann. WPP's MindShare unit was also a finalist in the review.

And while the Carat team was also disappointed to lose the prestige media account pitch, the agency at least will get a consolation prize: Gagen, who was director of strategic media initiatives-worldwide media & alliances at Coca-Cola Co.

Although the nature of Gagen's role at Carat was unknown at presstime, a Carat insider said he and Carat had been in talks for some time, and that the move was not a direct result of Carat's Coca-Cola account pitch.