Maurice Saatchi quits M&C Saatchi

Cornelia Mascio
Dicembre 13, 2019

In addition, the advertising agency network announced the resignation of Executive Director Maurice Saatchi.

The company also revealed a £11.6m hole in its earnings last week.

M&C Saatchi, which has created ad campaigns for a number of Conservative elections including the "demon eyes" advertisements that ran in 1997 showing Tony Blair with glowing red eyes, said last week that it would restructure its United Kingdom operations.

(Alliance News) - M&C Saatchi PLC on Tuesday said Non-Executive Directors Michael Dobbs, Michael Peat and Lorna Tilbian stepped down from their board roles, with immediate effect.

The Saatchi brothers originally made a name for themselves with a number of major campaign posters for Margaret Thatcher, who Lord Saatchi later described as his "favourite client".

The company's shares have lost more than two-thirds of their value since August.

Insiders told The Telegraph that the walkout was triggered by the refusal of M&C Saatchi co-founders Jeremy Sinclair, Bill Muirhead and David Kershaw to accept new supervision or a rapid investigation of accounting practices. "This new board will have a mandate to conduct a full review of all aspects of our governance".

Professional services company PwC separately identified the firm's 2018 half-year profits were overstated by around £6 million.

"The only positives that we can offer are that a robust review has been undertaken and we have, under our new group finance director, started implementing processes and procedures to prevent such issues arising again". It also announced that it expects underlying profit before tax for the full year 2019 to be between 22-27% below 2018 on a like-for-like basis and that it would be restructuring its United Kingdom office.

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