Discover has brought on TBWA\Chiat\Day LA as lead creative agency just 15 months after appointing Grey New York its creative agency-of-record.
“TBWA\Chiat\Day has a history of creating work for distinguished brands that is unique, imaginative and breaks through the noise in the advertising landscape,” said Kate Manfred, senior VP and chief marketing officer at Discover, in a statement. She was promoted to the CMO role earlier this year.
A spokesman at the financial services brand added that Grey continues to work across several lines of business at Discover, though the scope of the agency's agreement with the brand has changed.
In a statement, Grey said, "We’re very pleased our partnership with Discover continues across many lines of business."
The Discover spokesman did not elaborate on why Discover decided to switch lead agencies in such a short time frame. However, on a recent earnings call with analysts, company executives highlighted the need for more marketing this year following COVID-related changes.
“We intend to increase our marketing spend through the rest of this year,” said Roger Hochschild, CEO and president of Discover, on the call. He noted that the company has begun to see new spending trends in retail restaurants and that it expects “modest growth” this year as a result.