- Founders Invest £1 Million in M&C Saatchi
- Confidence Boost for Advertising Agency
- Leadership Transition and Company Outlook
Former CEO David Kershaw, Bill Muirhead, and Jeremy Sinclair have increased their stake as a vote of confidence in the agency’s new chair.
Three of the five founders of M&C Saatchi about 30 years ago bet £1 million on its rebirth.
David Kershaw, Bill Muirhead, and Jeremy Sinclair have invested the total in London-listed M&C shares.
It increases their shareholding to 6% weeks after the company announced the departure of seasoned CEO Moray MacLennan.
Zillah Byng-Thorne, M&C Saatchi chair and former Future CEO, will succeed MacLennan as executive chair on September 30.
Mr. Kershaw, speaking on behalf of the three co-founders, stated in a statement, “Of course, we are aware that the group consists of outstanding companies led by exceptional individuals.
“Now, with Zillah’s strategic focus and track record of transformational change. We are confident that the company’s true performance and value will be realized.”
M&C was established in 1995 by Messrs. Kershaw, Muirhead, and Sinclair, along with Maurice (now Lord) and Charles Saatchi.
It has worked for the government, the Conservative Party, and corporations including Barclays, Heineken, and British Airways, and is responsible for some of the advertising industry’s most prominent campaigns.
M&C’s operations include sports sponsorship brokerage and activation, digital and social media marketing, and talent management.
In June, the company foresaw declining revenues in 2023 due to challenging trading conditions and a sluggish economy.
The search for Mr. MacLennan’s successor follows a turbulent period for M&C, which was involved in a bidding war with Ms. Murria and another London-listed company, Next Fifteen Communications, last year.
On Friday, M&C shares closed at 122 pence, giving it a market capitalization of approximately £150 million.
