Taking the Lowe road
Global expansion for SA agency group
FAR REACHING CHANGES at Lowe Bull see local founder Matthew Bull stepping away from the day-to-day running of the group to focus instead on global business, including setting up the first of a network of agencies overseas. The network will be a partnership between Bull and Lowe Worldwide, a top-20 world agency brand. The global expansion plan is to establish an agency in each of the world’s major regions. The first office, at a still-undisclosed location, will open within months. There will later be agencies in Europe, North America, Asia and South Africa.
In SA, where Lowe Bull ranks ninth among diversified agency groups, Lowe will be diluting its equity from 33% of the SA operation to a probable 26%, opening the way to more equity for local staff and black empowerment appointees. But Bull and Lowe together will hold a controlling interest.
“I’ll be more involved in the work and less in the cash flow,” says Bull. “I’ll be selling some of my shareholding to local management. All equity holdings will be in the total group, not the individual operating companies.”
Wayne Naidoo moves up to CEO of
Matthew Bull, Marc Taback, Wayne Naidoo