Ann Fudge Retires From Y&R

Ann Fudge, chairwoman and chief executive of Young & Rubicam, confirmed yesterday said she would retire as head of the ad agency at the end of the year.

Fudge, 55, has been the highest-ranked black executive on Madison Avenue. In April 2005, she announced she would find someone to replace her as head of the WPP Group-owned Y&R ad agency.

Her departure had been expected after she named Hamish McLennan, as chief executive of Y&R Advertising, Y&R Brands largest unit.

Fudge is a former President, Beverages, Desserts and Post Division, a $5 Billion unit of Kraft Foods. She was on Kraft's management committee and managed many brands including Maxwell House Coffee, Kool Aid, Crystal Light, Post cereals, Jell-O desserts and Altoids.

In a statement, Fudge said: "The next phase of my career is about giving back, getting involved in the community and deepening my involvement in the nonprofit world."

Fudge recently joined the boards of the Rockefeller Foundation and the Council on Foreign Relations and also serves on the boards of General Electric, Harvard and Morehouse College.