DIARY: Seymour blazed trail, now 'The Lace' enters common ad parlance
campaignlive.co.uk, Friday, 18 October 2002 12:00AM
We know how fascinated you all are by reports of Garry Lace's enormous package. £800K a year to run Grey London after a few successful months as the chief executive of TBWA/London. And he's hardly out of nappies, for Chrissakes!
But we've been there before. In fact, the rags-to-riches account of how one man seriously destabilised the entire salary structure of London agencies in one inexplicable job move will remind some of our grey-haired readers of "the Seymour".
The term - historical slang for £100,000 - entered advertising lexicography in 1982 when Geoff Seymour, a creative, moved to Saatchi & Saatchi for what was then a mind-boggling pay package. For some time afterwards, agency creatives moved jobs for "half a Seymour" or "a Seymour and a bit".
Now, of course, a salary of £100,000 is quite easily achievable and we urgently need a new slang term to help wile away the months until the pay freezes and bans on business-class travel are lifted. Welcome, readers, to "the Lace" and a helpful guide to aid agency financial directors with budgeting essentials and perks for next year's expenses budget.
One return BA business-class flight to Nice for the Cannes Advertising Festival: £481 or 0.06 per cent of a Lace.
One return BA economy-class flight to New York for budget meeting resulting from above with Ed Meyer, the chief executive of Grey Worldwide: £351 or 0.04 per cent of a Lace.
Ed Meyer's 2001 salary: $3.3 million or £2.12 million or 265.3 per cent of a Lace.
Ed Meyer's 2001 bonus: $225,000 or £144,708 or 18.08 per cent of a Lace.
Annual membership of Soho House: £400 or 0.05 per cent of a Lace.
Annual membership of Holmes Place gym: £684 or 0.085 per cent of a Lace.
Lunch for two at The Ivy: £120 or 0.015 per cent of a Lace.
Lunch for two at McDonald's: £10 or 0.00125 per cent of a Lace.
This article was first published on campaignlive.co.uk
- Campaign Marketing Manager EMAP Competitive + Bonus, London (Greater) / London (East), London (Greater)
- Exhibition Designers WRG Live Competitive salary and benefits package dependant upon experience, Manchester, Greater Manchester
- Producer WRG Live Competitve salary and benefits package dependent upon experience, London (Central), London (Greater) / Manchester, Greater Manchester
- Content Manager WRG Live Competitive salary and benefits package, Manchester, Greater Manchester
- Retail Store Designer Fashion & Retail Personnel Consultancy £30000 - £33000 per annum + bonus and benefits, London
Agency: Wieden & Kennedy New York
- Macmillan defends hijacking ice bucket challenge
- Comparethemarket.com first UK brand to run Facebook Premium Video ads
- Game Of Thrones actress stars in online Karen Millen campaign
- Twitter launches learning hub for agencies
- Guinness Africa launches 'made of black' campaign with Kanye West ad
- Uncle Ben's launches YouTube cooking show