Waters is to take over from Patrick Ståhle, currently chief executive of Aegis Media Asia-Pacific, who is to retire from the industry to pursue a non-executive career. Aegis said that both Ståhle’s departure and Waters' arrival "will take effect at the same time in the second quarter in 2010".
Before returning to Europe in August 2006, Waters was the chief executive of Mindshare Asia Pacific.
Waters' departure comes amid an estimated $1bn global media review being held by Unilever, including the UK account, for which Mindshare is one of the major incumbent media agencies.
Sources said Mindshare is expected to take the opportunity to review its senior management requirements in Europe.
Waters started his career in the media department at O&M London in 1990 and was its international media director before it merged into Mindshare in 1998.
In January 1998 he moved into the international department to manage the Ford of Europe business, and joined Mindshare Worldwide at its UK launch in June.