The Labour peer worked for the ad agency Collett Dickinson Pearce in the 1960s before turning to the silver screen where he produced many successful films including 'Chariots of Fire' and 'The Killing Fields'.
He is now deputy chairman of Channel 4 and chairman of digital learning non-profit organisation Futurelab.
Profero was founded in 1998 by Wayne and Daryl Arnold, who now hold the posts of European chief executive and chief executive, respectively. The agency now employs more than 200 staff and has offices across the globe in 12 countries.
Its clients include Channel 4, Mini, Disney and the COI.
Puttnam said: "During my keynote address at IAB Engage in 2005, I mentioned that, were I entering the industry today, I would join a company like Profero -- it's clear that someone must have been listening."
Daryl Arnold said: "David is recognised as a global leader in so many fields and his achievements are amazing. The media, marketing and communications industry is in the midst of a revolution that is being driven by the consumer and their internalisation of all things digital."
Last month, Puttnam criticised social networking websites for bombarding children with brand messages that imparted "little social and educational value".
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