Richard Beaven has announced his intention to step down as worldwide CEO of IPG Mediabrands agency Initiative to spend time on business and creative opportunities in documentary photography, according to a release.

Beaven, who joined the agency in 2006 as CEO of Initiative North America, will remain as chairman of Initiative until the end of 2012, but will be succeeded by Jim Hytner (pictured) in the role of CEO as of March 19. Hytner currently leads Initiative’s sister agency UM’s operations in Germany, Spain, France, Italy, UK & Ireland, Japan, Australia, Netherlands, Brazil, Russia, China, Mexico and India. He will also take over as interim leader of Initiative’s North American operations, as current regional president Tim Spengler is promoted to the position of global CEO at MagnaGlobal.

Hytner’s role at UM will be filled by Guy Beach, who most recently worked as global COO of UM. An announcement on Tim Spengler’s replacement will be made in the coming weeks, according to a company release.