LONDON--Michael Murphy has relinquished the non-executive chairman role he took on upon stepping down as Grayling CEO last year.

An announcement from the agency stated that the move was by "mutual agreement". Murphy resigned his Grayling CEO position in 2012, three years after taking on the top job during the merger of the firm with Huntsworth sister agencies Trimedia and Mmd.

Murphy's exit brings a close to a 20-year relationship with Huntsworth CEO Lord Peter Chadlington.

"Michael has had a long and distinguished career first at Shandwick and now at Grayling where he brought together all our brands under one banner with great consideration and care," said Chadlington. "We all wish him the very best in his pluralist future."

Murphy was succeeded earlier this year as Grayling CEO by former Edelman executive Pete Pedersen.

"Grayling is in good hands with Pete and his strong management team and I am keen to pursue multiple opportunities both in marketing communications and other areas of business," said Murphy.

Grayling saw revenues decline seven percent in the first half of 2013, the latest in a series of disappointing results announcements.