The crisis in the management structure at M&C Saatchi UK continues with news overnight both the CEO and CCO have taken a redundancy.
Chief executive Giles Hedger (pictured below) and creative head Justin Tindall (main photo) have both quit the business. B&T has contacted M&C Saatchi Australia for comment.
The latest exits follow last week’s shock departure of four non-executive board members, including the agency’s founder, Lord Maurice Saatchi.
Following the turmoil, rumours have circulated that Accenture Interactive may make a play for the beleaguered agency.
Following Hedger and Tindall’s departures, chairman Tim Duffy will serve as interim chief executive officer while joint deputy executive creative director Matt Lee and creative director Mark Goodwin will take over creative duties.
Hedger said of his departure: “I have decided to leave M&C Saatchi as part of the voluntary redundancy programme triggered by the loss of NatWest. I have written to the agency to say that putting myself forward was the only fair and honourable thing to do. In doing so, I hope to spare others less senior than myself.”
While Tindall added: “Following the recent announcement of a redundancy programme, it was unconscionable for me to make judgments about the livelihoods of others without putting myself forward first. As such, and with a heavy heart, I volunteered for redundancy.”
It’s been a tough year for M&C Saatchi’s London HQ. Not only has the share price plummeted from £4 to £1, profit fell 67 per cent to £2.5 million ($A4.8 million).
In August, a PwC audit of the agency discovered a series of historical “misstatements” on its balance sheet tallying to £6.5 million ($A12.5 million).