Lace, who joined Grey from TBWA\London late last year, is planning to announce a restructure of the agency on February 28, as he puts his plans to make it more profitable in place.
The agency has now entered a four-week consultation period, to end on February 7, an obligatory process when a company is considering laying off at least 20 staff. At a meeting last Friday, Lace told staff of the plans, and offered them the chance of voluntary redundancy. At the same time, he warned them that as many as 50, out of a total staff of around 280, could end up losing their jobs.
Grey has already lost planning director Claire Rossi in the wake of Lace's decision to take up the chief executive role, although Rossi denied her decision to go was related to his appointment. Rossi subsequently joined the direct marketing agency WWAV Rapp Collins as a partner.
Lace is continuing with his hunt for a new creative chief for the agency, which counts Mars and Procter & Gamble among its biggest clients. The current creative chief, Tim Mellors, is retiring at the end of the year, but Grey is just one of several London agencies looking to fill such a role.
Lace said: "The quest continues -- I want to make sure I find the right person, not just someone to fill the role."
Grey has a reputation as being a solid agency for FMCG brands, but lacks the creative nous of other London advertising shops, including Lace's former agency TBWA\London.
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