Maurice Saatchi was the co-founder of ad agency M&C Saatchi M&C Saatchi said co-founder Maurice Saatchi and House of Cards author Michael Dobbs would step down from the board.

Maurice Saatchi.

The media company, which issued a second profit warning in three months last week, announced after the stock market had closed that its executive director - one of its co-founders - had tendered his resignation. “A completely leftfield thought could be they are looking to take advantage of the collapsed share price by raising private equity money and taking it private,” suggested Walford.

M&C Saatchi shares were 64% down in the year-to-date on Tuesday night. 1943), der 17-jährig die Schule verlassen und danach als Werbetexter für die Agentur Benton & Bowles gearbeitet hatte, zusammen und gründete mit diesem 1970 die Werbeagentur Saatchi & Saatchi mit Sitz in London. 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.

Maurice Saatchi, who had retained a seat on the board, is also leaving the firm that bears his name. Features providing insights into the marketing industries. By Jennifer Faull-11 December 2019 11:12am. One of the points of contention was chief executive David Kershaw's position, the source added. The agency, founded in 1995 by brothers and advertising moguls Maurice and Charles Saatchi after they were ousted from Saatchi & Saatchi, also said non-executive directors Michael Peat and Lorna Tilbian had stepped down.

Last week, an accounting review found M&C Saatchi had got its numbers wrong over a period of years and the company issued a profit warning.

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.

“Maurice keeps his baby, much less governance and public scrutiny as a private company and, if the share price falls further, it could be a bit of a bargain (although quite an expensive thing for Maurice to do if the price drops again due to their departures, given the 4.5% shareholding he already has).

It was later revealed that co-founders of the group had bought new shares in the group to express their confidence in M&C Saatchi. In August, PwC discovered a series of historical “misstatements” in the company's accounts, including an "overstated accrued income" of £2.6m. All past and present directors have declined to comment. Explore the latest, and greatest, creative work from around the globe. Defiant chairman Jeremy Sinclair vowed the business was “determined to restore the operational performance and profitability” and has started a process to reconstruct the board with new independent directors who will have “a mandate to conduct a full review of all aspects of our governance”.

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