M&C Saatchi PLC M&C Saatchi - Board Changes (8780G)

TIDMSAA

RNS Number : 8780G

M&C Saatchi PLC

24 July 2023

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.

 
  For further information please call: 
    M&C Saatchi plc                             [phone] 
   Moray MacLennan, Chief Executive Officer 
   Numis Securities                             [phone] 
   Nick Westlake, Iqra Amin 
   Liberum                                      [phone] 
   Max Jones, Benjamin Cryer, Will King 
   Brunswick                                    [phone] 
   Andrew Porter, Kate Pope 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

BOASEIFUDEDSEFW

(END) Dow Jones Newswires

July 24, 2023 02:00 ET (06:00 GMT)