M&C Saatchi co-founder quits days after profit warning amid accounting woes

(Reuters) - M&C Saatchi said co-founder Maurice Saatchi and House of Cards author Michael Dobbs would step down from the board, days after the British advertising agency issued its second profit warning in less than three months due to an accounting scandal. 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. 'We have accepted the decision of these directors to resign.

Reuters December 11, 2019 02:08:09 IST
M&C Saatchi co-founder quits days after profit warning amid accounting woes

MC Saatchi cofounder quits days after profit warning amid accounting woes

(Reuters) - M&C Saatchi said co-founder Maurice Saatchi and House of Cards author Michael Dobbs would step down from the board, days after the British advertising agency issued its second profit warning in less than three months due to an accounting scandal.

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.

"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," Chairman Jeremy Sinclair said in a statement, referring to an independent audit review.

Sinclair said the company had started a process to reconstruct its board with new independent directors, who "will have a mandate to conduct a full review of all aspects of our governance".

The original Saatchi business, led by the Saatchi brothers, made a name for itself with its "Labour isn't working" campaign poster for Margaret Thatcher showing a queue of people snaking out from an unemployment office and disappearing into the distance.

M&C Saatchi, which has created ad campaigns for a number of Conservative elections including the "demon eyes" advertisements that ran in 1997 showing Tony Blair with glowing red eyes, said last week that it would restructure its UK operations.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Nick Macfie)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Snow-struck Madrid struggles with cleanup as severe frost grips Spain
World

Snow-struck Madrid struggles with cleanup as severe frost grips Spain

By Elena Rodriguez and Belén Carreño MADRID (Reuters) - Authorities struggled to clear ice and fallen trees from the streets of Madrid on Tuesday and temperatures in parts of Spain hit record lows after a snowstorm wrought havoc across the country at the weekend. Early jubilation at the historic snowfall, which saw skiers gliding through the streets and mass snowball fights, gave way to frustration as most public transport remained stalled and pedestrians avoided the icy streets. "You in Madrid are not ready for this," said Demetrio, a Ukrainian living in Madrid, who did not give his last name.

Trump disavows any responsibility for his supporters' Jan. 6 attack
World

Trump disavows any responsibility for his supporters' Jan. 6 attack

By Steve Holland and Andrea Shalal JOINT BASE ANDREWS, Md./WASHINGTON (Reuters) - U.S. President Donald Trump, facing impeachment on a charge of "incitement of insurrection" on Tuesday disavowed responsibility for his supporters' violent invasion of the U.S. Capitol last week and said his remarks before the siege were appropriate.

Renault and Plug Power to develop fuel-cell commerical vehicles
News & Analysis

Renault and Plug Power to develop fuel-cell commerical vehicles

PARIS (Reuters) - French carmaker Renault and U.S. hydrogen specialist Plug Power have joined forces to develop hydrogen-powered light commercial vehicles, they said on Tuesday. The companies have signed a memorandum of understanding to launch a France-based 50-50 joint venture by the end of the first half of 2021, targeting more than 30% share of the fuel cell-powered light commercial vehicle market in Europe, their joint statement said