M&C Saatchi co-founder resigns

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Lord Michael Dobbs, Sir Michael Peat and Lorna Tilbian all quit the company’s Board alongside Saatchi on Tuesday, 10 December.

Chairman Jeremy Sinclair wrote in a statement to their investors:

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.

• Maurice Saatchi quits M&C as accounts scandal takes fresh twist – Financial Times
  
• Lord Saatchi quits own advertising firm M&C Saatchi – Sky News