10th Dec 2019 18:55
(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.
In addition ,the advertising agency network announced the resignation of Executive Director Maurice Saatchi.
Chair Jeremy Sinclair said: "We have accepted the decision of these directors to resign. 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."
He added: "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."
On Wednesday last week, M&C Saatchi warned annual profit is set to be well below the prior year. This is the firm's second such warning in the quarter. In September, M&C Saatchi warned 2019 profit could be as much as 10% lower than expected.
Shares in the company closed 6.4% lower at 103.00 pence per share on Tuesday in London.
By Ife Taiwo; [email protected]
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