Lowe secures Morris with three-year £1m-plus deal

LONDON - Ed Morris, Lowe London's creative chief, has been offered a financial package worth more than £1m as compensation for not joining the start-up being launched by Sir Frank Lowe.

His "golden handcuffs" deal, which will see him stay at the agency for three years, includes a salary rise to £450,000 as well as cash payments amounting to more than £1m and shares in Lowe's Interpublic parent. The figures will raise eyebrows, given Lowe's impending loss of its £50m Tesco account and last year's 29 redundancies.

IPG sources said the offer, which Morris has yet to accept formally, would involve a large initial payment, with others dependent on Morris remaining loyal. As an added incentive, his name may go above the door along with that of the chief executive, Garry Lace, and a yet to be appointed planning director. It is not clear if the Lowe name will be retained.

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