Lowe London’s Lace Exits After Probe

NEW YORK Suspended Lowe London CEO Garry Lace is leaving the shop, three months after his superiors launched a probe into allegations that last year he met more than once with ex-agency chairman Frank Lowe to discuss the Tesco creative account then at Lowe.

The investigation lasted longer than expected. In early March, when the agency suspended Lace, it said it would resolve “certain matters that have come to the company’s attention” by the end of that month.

In a two-paragraph statement today, Lowe parent Interpublic Group said Lace had “resigned,” effective immediately. Deeming the matter “confidential,” the holding company declined further comment.

On Dec. 5, four days after Frank Lowe said he was opening a new agency in London, Tesco reassigned its account to the new shop, known as The Red Brick Road. The actual handoff took place in March.

In the absence of Lace, London-based worldwide chairman Tony Wright and managing director Chris Hunton have been running the agency. Lowe worldwide CEO Stephen Gatfield, however, is expected to fill the office CEO slot.