There must be something in the water at M&C Saatchi as its management is undergoing yet another upheaval with CEO Zaid Al-Qassab leaving after less than two years with non-executive chair Heather Rabbatts (whose background is law and local government) taking over temporarily.
Also noteworthy is the return of top shareholder Vin Murria to the board as a non-exec four years after she launched a failed takeover bid for the company via her Advanced AdvT. The board has launched a £4.5m share buyback which might need her support.
Al-Qassab, who joined from Channel 4, says: “When I arrived here almost two years ago, it was on a mission to transform the business into an agency of the future. I set out three simple ways in which we would win together: extraordinary creativity, brilliant people and amazing client service.
“I am really proud of all we have achieved together in these three areas. With so much of this change now completed, I have agreed with the board that it’s the right time for me to step aside and allow someone else to lead the next phase.”
M&C has had an amazingly convoluted and, at times controversial recent history, with endless management changes, attempted board coups and accounting issues. Like many agency groups it’s currently struggling in a difficult climate and is currently valued at a relatively modest £150m, based chiefly on its remaining skill at hoovering up quasi-government business, a legacy of the Maurice Saatchi days.
Rabbatts and the other directors would do well to recruit someone who’s actually run an agency as the new CEO.
