Lowe Australia set to acquire indie agency 303 – Cleaver tipped to take CEO role over Pearson
It is believed that Lowe Australia is in the advanced stages of acquiring 303, which has offices in Sydney and Perth.
In a kind of ‘reverse-takeover, the deal would see 303 take control of Lowe in Australia, with 303 national CEO Nick Cleaver (near left, with Sydney MD John McKie and Sydney-based national ECD Simon Langley) tipped to take the top job.
Current Lowe chief Stephen Pearson has not returned CB calls since Friday while Cleaver texted CB on Friday afternoon, saying: “I’ve no comment to make. I suppose with Host now sold people speculate about the next biggest independent and that’s us. Nothing to add about what is only speculation.”
When contacted, Perth managing director Alan Taylor said it was pure speculation and he had nothing to add to Cleaver’s response.
If it goes ahead, the most significant impact would be on the Sydney office.
Lowe’s woes downunder have centred on its creative department, included the departures of several executive creative directors in recent years, starting with Dejan Rasic back in May 2007 and most recently South African Mike Barnwell (left) in August last year (after only three months), followed by Melissa Peters (left) in February this year. Since then, the ECD role has not been filled, and if the deal goes through, Langley looks likely to take the role.
10 Comments
Those new shareholders must be rubbing their hands together! Not the case with those who’ve missed the boat though.
Does Lowe know they lost the West Coast Eagle account. Could be a deal breaker.
No West Coast Eagles account. Deals off.
What is the story with the name? Lowe303. Or 303Lowe. Will this impact the Perth office? Any conflicts in Perth? Answers please.
Welcome to the world of time sheets 303!!
3 Lowe 3.
This is a fantastic opportunity for the agency to move forward and represents a great opportunity for the personal and professional growth of everyone at 303. Being part of a huge multinational group which sets local management teams high annual income and growth targets and rewards them for meeting these, however this is achieved, is a sure-fire recipe for continued success.
@4:54pm
Nice theory…
Having been a board Director of an Interpublic agency, I can tell you that this will definitely change the culture of 303, with massive financial accountability, look out clients things are about to get expensive and look out staff, salaries are going nowhere.
@4.54. Have you actually worked for international master? Yes, there are upsides, but the downsides are there in spades too.