Zaid Al-Qassab is stepping down as CEO of M&C Saatchi, less than two years after taking the role.
The departure, widely foreshadowed, is by "mutual agreement" and follows a profit warning. His last day is March 31.
Heather Rabbatts, currently the chair of the global advertising group, will assume the role of executive chair until a new chief executive has been appointed.
The board of directors said Zaid has been instrumental in leading the company through its transformation and business integration, from more than forty independent businesses to five connected regions.
“Zaid also undertook the company's first M&A transactions in seven years, successfully integrating two acquired businesses as well as launching and uniting the Company behind its business proposition, Cultural Power,” the board said.
Rabbatts thanked Zaid for his contribution during his time at M&C Saatchi.
"He leaves the company with a strong and more integrated operating model, creating Cultural Power for our clients by combining world-leading creativity, global reach, and specialist capabilities, Rabbatts said. "We wish him all the best for the future.
"In my role as interim executive chair, I will be focused on driving our strategy and shareholder value, and supporting our talented team to continue to deliver best-in-class solutions for our clients through our diverse portfolio of specialisms."
M&C Saatchi has undergone significant change in recent years, including leadership turnover, structural simplification and a renewed focus on financial discipline following governance issues earlier in the decade.
Al-Qassab, a former chief marketing officer at Channel 4, was appointed in 2024 as part of efforts to stabilise the business and restore investor confidence. He replaced co-founder Moray MacLennan who stepped down in September 2024.
The company is under pressure with full year 2025 results expected to be negative. M+C hasn't yet set a date to reveal last year's final numbers.
In a trading update in January, the company said like-for-like revenue is expected to decline about 7%, or about 2.5% excluding Australia which has been identified as a serious back hole, a "poor performer," in the global group.
M+C Saatchi also announced the appointment of major shareholder Vinodka "Vin" Murria as a director and deputy chair and Nicholas Shott as an independent director, effective immediately.
Murria, who four years ago led a failed hostile takeover of M+C, is currently non-executive director at Bunzl plc, the international distribution and services group, chair of AdvancedAdvT Limited, the international software solutions provider, and was previously also a non-executive director of Softcat.
Shott has more than 30 years' experience in the financial services sector, spending much of his career at Lazard where he held senior roles including vice chairman of European Investment Banking, Head of UK Investment Banking, and member of the London Management Board.
"As a long-term shareholder, I am looking forward to working with Heather and the Board to support the delivery of the Company's strategy and to drive the business forward,” said Vin Murria.
“M&C Saatchi is a special business that has significant exposure to high-growth sectors through its diverse portfolio of specialisms with huge potential for value creation across all its constituent parts."
Vin Murria holds 11.8% of the company and is a substantial shareholder in AdvT which has 9.8% of the M+C's issued share capital.
AdvT has confirmed it does not intend to make an offer for M&C Saatchi.
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