Mumbai, Aug 10 :    Mumbai, Aug 10:  Leo Burnett Company today announced that it had acquired a 74 per cent stake in Chaitra Leo Burnett Pvt Ltd. The change in the holding pattern of the advertising agency in favour of its foreign principals also coincides with the decision of Walter Saldanha, executive chairman and one of the founders of the Indian affiliate, to retire. He will however continue as the chairman emeritus, sources in the agency said. Ranked among the top 10 advertising agencies in the country, Chaitra Leo Burnett will have a new chairman in Steve Gatfield who is currently the regional managing director, Asia Pacific region. Sources said before today?s announcement, Leo Burnett held a little less than 50 per cent in Leo Burnett. In a press release, the agency said its foreign principals entered India in 1987 as affiliates of Chaitra Advertising. With Saldanha deciding to retire, it was agreed that the time was now opportune for the Leo Burnett Company to take over management control of the agency. Chaitra Advertising Private Limited was formed in 1972 by a group of professionals headed by Saldanha. It had billings of Rs 72 lakh in the first year. Turnover has now crossed Rs 150 crore. Its major clients include Procter & Gamble, Coca Cola, Bajaj Auto, Godrej Pillsbury, Fiat, Hitachi, Dabur, ICICI, State Bank, Hallmark, Heinz, and Kelloggs. Leo Burnett Inc is one of the top ten agencies in the world with annual billings of $ 7 billion. It has 88 offices in 78 countries and is rated as one of the finest creative advertising agencies.It has created such international brands as the Marlboro man.