Sola joined 101 as a partner and creative director in 2011. His advertising career has spanned London, Argentina and the US, at agencies such as Mother and Fallon London. He has worked with clients including Eurostar, Orange, Stella Artois and Cadbury.
Sola was also a member of the creative team behind the Rudimental music video Feel The Love.
He said: "101 is full of really talented people. It’s going to be nice to be working alongside them instead of on the other end of a bad conference call line or via Skype."
Elwood co-founded 101 in 2011. He has previously worked at Abbott Mead Vickers BBDO.
101’s 50-strong team handle brands including Avios, Diageo, Game, Scottish Widows, Tango and Wagamama.
Richard Flintham, the executive creative director and co-founder of 101, left the agency in April to pursue his own projects.
Elwood said: "Gus is an outstanding creative director and a great bloke too. I’m looking forward to seeing him in real life soon. Abrazo."