Lord Saatchi quits London agency he co-founded
Maurice Saatchi, co-founder of advertising firm M&C Saatchi, has quit along with a number of other senior directors at the London-based company.
Saatchi’s departure follows a second profits warning at the firm last week.
“The Board of M&C Saatchi has announced today that the following Non-Executive Directors have stepped down with immediate effect: Lord Dobbs, Sir Michael Peat and Lorna Tilbian. Lord Saatchi, Executive Director, tendered his resignation”, the company said in a stock market statement.
Chairman, Jeremy Sinclair, said the Board had accepted all the resignations and was now focused on restoring the company’s performance and governance.
"We have accepted the decision of these Directors to resign” Sinclair said.
“We are determined to restore the operational performance and profitability of the business and are already implementing all of the recommendations set out in the PwC report we announced last week.
“We had started a process to reconstruct our Board with new Independent Directors.
“This new Board will have a mandate to conduct a full review of all aspects of our governance."
M&C Saatchi was set up in 1995 by brothers Maurice and Charles Saatchi and counts Coca-Cola, BMW, Ikea, Unilever and TfL among its clients.