Business

M&C Saatchi bosses step down after accounting scandal

Three of M&C Saatchi’s co-founders are stepping down following last year’s accounting scandal.

Last December, the advertising company announced it would need to make adjustments of £11.6m to its financial results, following an independent review conducted by PwC.

M&C Saatchi’s shares have since been suspended after it missed the deadline to file its 2019 annual results.

Jeremy Sinclair, David Kershaw and Bill Muirhead are to leave their respective roles as chairman, worldwide CEO and executive director at the firm.

Moray MacLennan, the firm’s new worldwide CEO, said: “I would like to thank Jeremy, Bill and David for their inspiration and support over many years. 25 years ago, M&C Saatchi was founded with the ambition to change the world. 

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“That ambition remains. Looking forward we have an opportunity to reset M&C Saatchi for its next chapter and while we will draw on the strengths of the past, the focus will be relentlessly on the future, reflecting and anticipating major changes in society.”

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