Ms Russell is currently head of press at MPG, with additional account directing responsibilities for its key fashion and fragrance accounts.
She is replacing Mark Reen, who is leaving IPC to study for an MBA.
Ms Russell said: "This is a tremendous opportunity for me; I know the SouthBank team very well and have been impressed both by what they are doing with the business and their strategy for the future.
"SouthBank publishes some of the best brands in the market and it has fantastically talented people. My role will be to harness all those strengths and make clients and agencies aware of the brilliant opportunities that exist for them within this great publishing portfolio."
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