Ad Age: Lowe Worldwide founder Frank Lowe emerged from retirement today with the surprise announcement that he is setting up a new advertising agency with Paul Weinberger, who resigned as chairman of Lowe London. Mr. Weinberger is expected to take with him Lowe London’s biggest account, the $75 million Tesco supermarket business he has overseen for years.
The unexpected move from the eccentric Mr. Lowe, who is 65, comes three months after the expiration of a non-compete agreement with Lowe parent Interpublic Group of Cos. that prevented him from taking Lowe staff or clients for two years after his retirement at the end of 2003.
“If Keith Richards can still play rock and roll then Frank might be able to do the same,” said an Interpublic executive.
He started his own London agency, Lowe Howard-Spink, in 1981, and built Lowe into an international network, renamed Lowe & Partners in 1990. Interpublic, already a minority shareholder, bought the remaining 64.6% in 1990.
