28th Jan 2020 15:27
(Alliance News) - M&C Saatchi on Tuesday said it has hired two new independent non-executive directors to its board, effective from February 3.
Gareth Davis will join the company as non-executive deputy chair and Colin Jones will step into the roles of audit committee chair & non-executive director.
Davis is currently chair at FTSE 100-listed packaging business DS Smith PLC, and non-executive director at asset management firm Gresham House PLC.
He was previously chair at building materials company Ferguson PLC as well as chair of galmbing firm William Hill PLC.
Jones is currently non-executive chair at market intelligence consultancy Centaur Media PLC. He was previously finance director at business & financial information publisher Euromoney Institutional Investor PLC, and prior to that a director at professional services group PriceWaterhouseCoopers.
"We are delighted to welcome Gareth Davis and Colin Jones to the board. Both have extensive public company experience at the highest levels. We look forward to working with them to restore the company's health and reputation," said M&C Saatchi Chair Jeremy Sinclair.
In December, Sinclair announced that the board would be rebuilt with the addition of new independent directors after Executive Director Maurice Saatchi and three non-executive directors resigned.
The resignations came after shares in the advertising firm plunged when it said annual profit would be significantly lower than the year prior. The company said it would record a GBP11.6 million negative adjustment to 2019 results following an internal accounting review.
In August, the firm announced finding various accounting errors, which led to an internal review and a strengthening of its finance team.
M&C Saatchi shares were up 4.1% at 114.50 pence each. A year ago, they were worth 280.00p.
By Ife Taiwo; [email protected]
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