Belfort Group Changes Leadership After Acquisition of Agency by the Firm’s President, Philip Pennellatore
Sale Signals First Change in Majority Ownership Since Joan Schneider Founded the Firm in 1980
Boston, MA (October 31, 2018) – After 38 years, Belfort Group founder Joan Schneider is stepping down as CEO, paving the way for agency President Philip Pennellatore, her business partner of 20 years, to acquire ownership of the global digital and integrated marketing and communications firm. Pennellatore will serve as President and CEO effective October 1st.
Schneider founded the agency in Newton, MA in 1980 after working in advertising and public relations agencies and WBZ-TV. Schneider has spearheaded the growth and evolution of the once local firm into a key member of Worldcom, one of the largest networks of global independent PR and marketing firms in the world. She will continue to serve the agency as Executive Vice President supporting strategic client initiatives, staff development, agency marketing and special projects.
Having built its reputation on launching products, services, companies, communities and institutions, Belfort Group represents dozens of world-class organizations including some of the country’s top college and universities including MIT Sloan, Georgia Tech’s Scheller College of Business, Landmark College and many others. The agency also represents some of the most well-respected and recognized professional service, real estate and non-profit brands throughout New England including Simon Malls, Cushman & Wakefield, Posternak Blankstein & Lund, Brighton Marine and The Downtown Boston Improvement District.
“This is an ideal time to make a transition as the agency is experiencing an unprecedented growth trajectory fueled by an innovative management team, a strong culture and immense talent at all levels of the organization,” said Pennellatore. “Our greatest asset is our ability to adapt quickly to today’s changing business environment so that we can help our clients grow and prosper. Our commitment to delivering superior client service and measurable results are part of our DNA and will continue. “
As CEO, Pennellatore will be responsible for client service, new business development and finance and administration. For Schneider, her new role is one she’s embracing with the same tenacity as when she launched the company.
“For over 38 years, we’ve been able to change with the times and embrace the latest communications and digital technology. We’ve launched our services beyond traditional public relations into new growth areas including digital advertising, lead generation, creative services and video production. I’ve had the good fortune of working with Phil to shape the agency’s future and I am confident in his ability to lead the agency into the next era. I look forward to supporting his vision during this transition and beyond.”
Ira Deitsch, Managing Partner of Posternak, Blankstein & Lund, Richard O’Connor, Partner, Johnson O’Connor and Alan Fullerton, Partner, Mirus Capital Advisors facilitated the transaction.