Mr. Lace was believed to have had meetings with agency founder Frank Lowe, who last December came out of retirement to found a new agency, taking his old shop's prestigious Tesco account in the process. However, the brief statement did not reference any suspected meetings and said, "Neither the company nor Garry Lace will be making any further statement in respect of his resignation and have agreed that beyond what is said above, the matter is confidential."
Mr. Lace's departure presumably brings to a close one chapter in the drama that began once Mr. Lowe reemerged with his Red Brick Road agency.
Others, however, are open. This year, Interpublic initiated legal proceedings against Mr. Lowe, claiming he violated fiduciary and contractual commitments in papers filed with the American Arbitration Association in the state of New York.
No replacement for Mr. Lace has been announced. Since his suspension, his duties had been absorbed by Lowe Worldwide Chairman Tony Wright and Lowe London Managing Director Chris Hunton.