Zillah’s back: M&C Saatchi boss MacLennan to retire with ex-Future boss taking interim charge
M&C Saatchi’s long-term chief executive Moray MacLennan will retire from the role after nearly three decades at the helm.
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.
Following the announcement this morning, M&C Saatchi’s share price was up by about one per cent.
This comes after Byng-Thorne joined the firm just weeks ago as chair and non-executive director, from The Week.
In the latest stage of Saatchi’s leadership shakeup, the firm said MacLennan will formally step down by 30 September.
Zillah Byng-Thorne, chair, said: “On behalf of the Board I would like to thank Moray for his contribution to M&C Saatchi, from the founding of the Company in 1995 through to his current role as Chief Executive Officer.
“His leadership has seen the Company not just stabilise but deliver record profits and establish strong foundations for future growth.”
Moray 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. Thanks to all past and present, and to those in the future who I know will keep the M&C Saatchi flame burning bright.”
Analysts at Peel Hunt said the news that MacLennan is stepping down is “not ideal as it adds further uncertainty in an already challenged backdrop.”
This comes after its chair Gareth Davis said he would not seek to be re-elected as chair of advertising giant M&C Saatchi in January, as part of a major leadership shakeup.
The firm reported a nine per cent year-on-year increase in net revenue of £271m during 2022.