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NEW YORK — Interpublic Group’s proxy statement filed this week showed that Frank Lowe, chairman of Lowe and Octagon, will retire effective January 2, 2003. Lowe has the option to exercise 270,000 shares of IPG stock options on Jan. 1, 2003.
His retirement agreement includes continuance in an advisory position to those companies, for which he will receive $250,000 per year. The consultant’s role is for an initial term of one year and thereafter it is subject to renewal by mutual agreement.
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