Resignation of Directors
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.
Jeremy Sinclair, Chairman, said:
"We have accepted the decision of these Directors to resign. 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."
For further information please call:
M&C Saatchi +44 (0)20-7543-4500
David Kershaw, Jeremy Sinclair
Tulchan Communications +44 (0)20-7353-4200
Numis Securities +44 (0)20-7260-1000
Nick Westlake, Hugo Rubinstein, NOMAD
Charles Farquhar, Corporate Broking
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