Things are not going well for M&C Saatchi right now.
An accounting mess forced M&C Saatchi to adjust its 2018 and 2019 financial results by £11.6m and caused its shares to drop by 40%.
Its co-founder and executive director, Maurice Saatchi, and all three non-executive directors, Michael Dobbs, Sir Michael Peat and Lorna Tilibian, then resigned from the parent company after a blow-up with the other co-founders, David Kershaw, Jeremy Sinclair and Bill Muirhead, over how to deal with the accounting problem.
Its UK agency was forced to offer voluntary redundancy to all staff after it lost a significant piece of its business, the NatWest account, in November, after nearly twenty years.
And now M&C Saatchi London’s chief executive officer, Giles Hedger, and chief creative officer, Justin Tindall, have taken up that offer.
Hedger has been chief executive since 2017 and Tindall has been chief creative since 2016.
M&C Saatchi London chairman, Tim Duffy, will act as interim chief executive officer while joint deputy executive creative director, Matt Lee, and creative director, Mark Goodwin, will lead the creative department. According to M&C Saatchi, the agnecy will announce a new structure and leadership mid-January.