Talbot is leaving the agency for "personal reasons" because his family wish to return to New Zealand, where they spent 15 years prior to Talbot taking the London-based RKCR/Y&R role.
RKCR/Y&R aims to hire externally to replace Talbot when he leaves for New Zealand at the end of February.
The agency brought in Talbot last December to replace Damon Collins, who left the agency alongside chief executive Richard Exon, to launch Joint.
Ben Kay, who replaced Exon as chief executive, said: "We’ve loved having Toby at the agency, albeit for a short time. He’s been a great cultural and creative influence on the agency, has brought in some great new talent, and has done some superb work across a range of clients.
"Toby leaves the agency in great shape, with RKCR/Y&R having won seven of its last nine pitches, most recently the Vodafone Digital account."
Talbot is in discussions with agencies about new opportunities in New Zealand.
He began his career in the UK, working at agencies including Chetwynd Haddons, Laing Henry and McCann Erickson.
He moved to New Zealand 16 years ago to join Colenso BBDO, where he worked his way up to executive creative director, before leaving to head the creative department at Saatchi & Saatchi New Zealand.
Talbot spent two years at Saatchis, but left in 2007 to join DDB New Zealand in the ECD role.