Maurice Saatchi has quit the advertising agency he co-founded in 1995 along with three other directors in the wake of an accounting scandal. (Photo by Chris Jackson/Getty Images) Photographer: Chris Jackson/Getty Images. He set up a poetry foundation in memory of his wife. 14: Maurice Saatchi attends the press night of “Photograph 51” at Noel Coward Theater on September 14, 2015 in London, England. Latest insights, case studies and news from agencies, tech vendors, freelancers and other organisations. Hit the C-suite spot. It will now fall on chief executive David Kershaw, founding partner Bill Muirhead, chief financial officer Mickey Kalifa and finance director Andy Blackstone to turn the ship. Features providing insights into the marketing industries. M&C Saatchi (LSE : SAA) is an international advertising agency network formed in January 1995 by Jeremy Sinclair (chairman), Bill Muirhead, David Kershaw (chief executive) and the brothers Maurice Saatchi and Charles Saatchi. Subscribe today and be educated, entertained and empowered. Saatchi, who started the advertising giant with his brother Charles in 1995, was joined in the sudden exit late Tuesday by Michael Peat, Michael Dobbs and Lorna Tilbian. Tony Walford, a partner at corporate finance consultancy Green Square, said the company line on the proposed reforms and reasons for Saatchi’s exit have left more questions than answers. All past and present directors have declined to comment. Sinclair added that the new independent directors “will have a mandate to conduct a full review of all aspects of our governance” at the company. Sir Martin Sorrell began his advertising career at Saatchi & Saatchi (the unrelated creative shop later acquired by Publicis) in 1977, under brothers Charles and Maurice. Yesterday (10 December) Lord Maurice Saatchi resigned from the agency alongside board directors Lord Michael Dobbs, Sir Michael Peat and Lorna Tilbian following a year of profit warnings, lost clients and a “cock-up in the accounts department”. Saatchi's departure comes after a devastating year for the self-declared ‘biggest independent creative agency in the world’, which after being established nearly 25 years ago now operates in almost 30 markets and owns the likes of Lida, MCD Partners and The Source. While the latest personnel exits might not be felt on a day-to-day basis when it comes to client management or delivery, it has sent a signal to the market that the departing quartet were unwilling, or unable, to provide solidarity during the most challenging period in the agency's history. That said, Lorna’s prior banking background would certainly help facilitate something like this.”. The Latest news for the marketing & media industries. Home-Made Covid Vaccine Appeared to Work, but Questions Remained, Inhaled Vaccines Aim to Fight Coronavirus at Its Point of Attack, Covid’s Comeback Is Bigger But Less Deadly, at Least for Now, Coronavirus Can Persist for Four Weeks on Banknotes, Study Finds, Philippines, China Foreign Ministers Reaffirm Ties. In August, PwC discovered a series of historical “misstatements” in the company's accounts, including an "overstated accrued income" of £2.6m. What’s next for beleaguered M&C Saatchi is the question now being asked after the resignation of the agency’s co-founder and three fellow directors in a shock move many have described as a “sad” ending to the advertising mogul’s career. Want to read this article and others just like it? Maurice Nathan Saatchi, Baron Saatchi (Arabic: موريس ساعتجي ; born 21 June 1946) is a British-Iraqi businessman, and with his brother, Charles, co-founder of the advertising agencies Saatchi and Saatchi and M&C Saatchi. Explore the latest, and greatest, creative work from around the globe. Creating compelling content your customers will love. Holding events to support, inform, challenge and advise. Lord Saatchi always smiled and waved when you passed him in the hallways. © Carnyx Group Ltd 2020 | The Drum is a Registered Trademark and property of Carnyx Group Limited. Last week, it issued its second profit warning when it revealed an £11.6m hole in its earnings. Lord Maurice Saatchi is among four directors to quit the board of troubled advertising agency M&C Saatchi. BIG FREEDA’S LITTLE INTERVIEW. The accounting troubles of M&C Saatchi took a dramatic turn on Tuesday night as its founder Maurice Saatchi and three independent directors quit the advertising company in a dispute over reforms. Personal life Saatchi’s first wife was Gillian Osband, a children’s book editor and writer whom […] The shares were down 7.8% as of 8:06 a.m. in London on Wednesday. Clients have also fled, with NatWest, which contributed a significant chunk of revenue, recently moving its advertising account to The&Partnership resulting in a round of voluntary redundancies. Chairman Jeremy Sinclair said a process was underway to rebuild the board and M&C Saatchi is “determined to restore the operational performance and profitability of the business,” in a statement. David Kershaw must be desperate to see the back of 2019.
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