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24 Jul 2023 07:00
24 July 2023
M&C Saatchi plc
("M&C Saatchi" or the "Company")
Board Changes
The Board of M&C Saatchi announces that Moray MacLennan has informed the Company of his intention to retire from his role of Chief Executive Officer of the Company. The Company and Mr MacLennan have agreed that this change will take effect as of 30 September 2023.
The Board will initiate a comprehensive formal executive search process to identify a new Chief Executive Officer and will update the market as and when appropriate.
Until such time as a new Chief Executive Officer joins the Company, which is expected to be within the next 12 months, Zillah Byng-Thorne, currently Non-Executive Chair, will act as Executive Chair of the Company from 1 September 2023.
Commenting on the announcement, Zillah Byng-Thorne, Chair, said:
"On behalf of the Board I would like to thank Moray for his contribution to M&C Saatchi, from the founding of the Company in 1995 through to his current role as Chief Executive Officer. His leadership has seen the Company not just stabilise but deliver record profits and establish strong foundations for future growth."
Moray MacLennan, Chief Executive Officer, said:
"It has been a rare privilege to work for three decades with people I respect and like, creating work that has had an extraordinary impact on the world. M&C Saatchi is well set for the future and now is the right time to make way for fresh energy and ideas. Thanks to all past and present, and to those in the future who I know will keep the M&C Saatchi flame burning bright."
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.
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