MarketSmart Advertising, which recently absorbed the last vestiges of its sister company, is going through more changes with the recent departures of its top two executives.

Co-founder and CEO Steve Thanhauser and Greg Cox, vice president and also a co-founder, exited the Morrisville ad agency this month.

The two executives and a spokeswoman for MarketSmart's corporate parent, Florida-based Think Partnership, described the departures as amicable.

"It was something that was worked out between them and the company," said spokeswoman Rachel Honoway. "It was a good time for the company and a good time for them."

Thanhauser and Cox said they initiated the idea of an exit.

"You know, we don't want to do this forever," said Thanhauser. He added that the agency has a senior management team "that can absolutely support the client base we have."

Lewis Finch, another co-founder of the agency, has resumed running the business. Finch was promoted from co-president of MarketSmart to president of Think Partnership's advertising division in January.

Also in January, the remaining nine staffers of MarketSmart Interactive -- a one-time high-flying company that fell into a downward spiral -- were integrated into MarketSmart Advertising. MarketSmart Interactive, a search-engine marketing company, had downsized from 176 employees in 2005 after failing to adapt to intensifying competition.

MarketSmart Advertising, which has 56 employees, recently landed UNC Health Care's advertising account.

"We went into '07 with the strongest book of business we ever had," said Thanhauser.

Think Partnership doesn't break out revenue numbers for the ad agency. Other agency clients include the Carolina Mudcats, the Carolina Hurricanes, local Subway franchises and Bayliner boats.

MarketSmart Advertising is in the midst of re-branding itself as MSA: The Think Agency.

Get $150+ in coupons in every Sunday N&O. Click here for convenient home delivery.