M&C Saatchi chief to step down: Sky

M&C Saatchi chief to step down: Sky

The chief executive of M&C Saatchi Plc (SAA.L), Moray MacLennan, will retire in the coming months, according to a Sky News report. MacLennan, who has been with the company since its founding in 1995, assumed the role of CEO in 2021. His departure marks the conclusion of a 28-year tenure and follows a broader leadership restructuring at the UK-based advertising group. The company is expected to initiate a search for a successor, with details to be announced via a London Stock Exchange statement.

This leadership transition follows the appointment of Zillah Byng-Thorne, former CEO of Future Plc (FUTR.L), as chair in March 2023. Byng-Thorne is anticipated to lead an international search for MacLennan's replacement, aligning with ongoing boardroom reforms announced earlier in the year. The changes come amid financial challenges for M&C Saatchi, including revenue declines in 2023 linked to economic headwinds and prior reporting issues.

MacLennan's career has been defined by high-profile campaigns, including work for Margaret Thatcher's 1980s election efforts and the Remain campaign during the Brexit referendum. His exit adds to a period of transition for M&C Saatchi, which has navigated founder departures and competitive pressures in the advertising sector. The company's shares closed at 148p on July 21, 2023, valuing it at approximately £180 million. No further comment was provided by the company at the time of reporting.