Shakeup at M&C Saatchi as ad veteran retires

JACK MENDEL

M&C SAATCHI’s long-term chief executive Moray MacLennan will retire from the role after nearly three decades at the helm, it was announced yesterday.

The veteran, who was part of its founding team in 1995, will be replaced by chair and former Future CEO Zillah Byng-Thorne in the interim, until a permanent decision is made.

Byng-Thorne joined the firm just weeks ago as chair and non-executive director after a decade at the top of stock market darling Future.

M&C Saatchi said MacLennan will formally step down by 30 September.

MacLennan, who joined Saatchi & Saatchi in 1983, 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.”

The news comes as part of a wider leadership shakeup at the advertising giant, after chair Gareth Davis in January announced he would not seek reelection.

Analysts at Peel Hunt said Maclennan’s exit was “not ideal” for the firm, reasoning that it added “further uncertainty in an already challenged backdrop”.

Investors seemed unperturbed, however, with shares closing up 3.72 per cent yesterday.

The firm last year reported a net revenue of £271m, an almost 10 per cent year-onyear increase.

Born and raised: Born in Glasgow, and attended the University of Glasgow

First job: Graduate trainee with Nestle

Time in the booze trade: Served as chief financial officer for two years in the mid-noughties for First Quench Retailing, better known as Threshers, including the purchase of collapsed rival Unwins

Fighting fit: She followed that with a three-year stint at Fitness First as CFO, including a year as managing director of the German business, leading a successful turnaround

Revving up: Her first interim CEO role was at Auto Trader after two years as CFO

Future-proofed: Made her mark across 10 years as CEO at Future, where she became respected as one of the country’s most respected bosses before stepping down earlier this year Board experience: Has served on boards including THG as senior independent director, working with management to launch a successful IPO, and Flutter; she now sits on the boards of Trustpilot and Norwegian Cruise Holdings

Can we quote you on that? “A highly respected and accomplished executive with a strong track record of developing and delivering” –Norwegian’s release on her appointment