King's tenure at Exterion has lasted little more than a year. He joined the outdoor media company in January 2017 from Telegraph Media Group, a move that saw Cotterrell made group development director.
With King departing, Cotterrell is being promoted to group chief strategy officer and reinstated to his former role of UK managing director. He will report to group chief executive Leon Taviansky when he takes up the post on 11 June.
Although King had little experience of out-of-home when joining Exterion, he has since helped the company innovate in the OOH marketplace, introducing geo-targeted digital buses, a full motion digital DX3 network and launching experiential arm Exterion Live.
He also made a number of senior hires while at Exterion, including the appointment of Nigel Clarkson as chief revenue officer earlier this year.
King thanked the team at Exterion Media and its partners, adding: "With continued investment in digital technology and data, I’m confident the business will see continued growth, both within OOH and the wider media industry. I look forward to seeing what comes next."
Cotterrell said: "Dave has made multiple key senior hires, and we are in a position of real strength to realise our ambitions."
King was executive director, commercial at TMG, which he joined in 2005 from Emap.