Directorate Change

RNS Number : 1847E

M&C Saatchi PLC

16 December 2009

 

16th December 2009

M&C SAATCHI ("M&C Saatchi" or the "Company")

Directorate Change

M&C Saatchi PLC announces that Jerry Wales, Group Finance Director, will be stepping down as a director and leaving the Company following the announcement in March 2010 of the preliminary results in respect of the year ended 31 December 2009. It is intended that Jamie Hewitt, currently UK Finance Director, will be his replacement and join the Board of M&C Saatchi with effect from 31 March 2010. Jerry and Jamie will work together closely over the coming months to ensure a smooth transition.

Lord Saatchi, M&C Saatchi Executive Director, said:

"Jerry has made an enormous contribution to M&C Saatchi over the 15 years he has been with the Group. His commitment and endeavor have helped shape the Company into its position today as the world's largest independent advertising network. I would like to express my own thanks, along with those of the rest of the Board, for Jerry's outstanding commitment and we wish him well for the future."

David Kershaw, M&C Saatchi Chief Executive, said:

"We have all greatly enjoyed working with Jerry through his tenure at M&C Saatchi. We have always relied on his wise counsel - not least over the past 18 months, which have seriously challenged the whole of the sector. His sterling work is a large part of why we are ready to face next year in good financial health. In Jamie Hewitt, we have an extremely capable replacement and are confident of a smooth transition."

Jerry Wales, M&C Saatchi Finance Director, said:    

"The decision to leave M&C Saatchi was not an easy one. I have loved the 15 years I have spent with the business - working with people who I regard as leaders in the advertising industry. However, I have decided that now is the right time to hand over to Jamie, with whom I have worked closely for six years. I wish him and everyone else at M&C Saatchi all the best for the future."

The trading outlook for the full year is in line with management expectations, with headline profit before tax¹ for the year to 31 December 2009 at not less than £10.0m.

In accordance with Schedule 2(g) of the AIM Rules, the following information in relation to the appointment of Jamie Hewitt is disclosed: 

Full name: James Neil Terry Hewitt. 

Age: 50. 

Jamie currently holds the following directorships: 

Current Directorships

Play London Limited

Influence Communications Limited

Lida Limited

M&C Saatchi Export Limited

M&C Saatchi Sport & Entertainment Limited

Talk PR Limited

Nabs

Talk PR Audience Limited

M&C Saatchi (Middle East & Africa) Limited

M&C Saatchi Brand Licensing Limited

He has not held any other directorships/partnerships over the five years preceding this announcement other than as disclosed above. Save as set out above, there is no further information to be disclosed in respect of Schedule 2(g) of the AIM Rules.

-ENDS-

For further information, please contact:

M&C Saatchi 

David Kershaw, Chief Executive                020 7543 4500  

Tulchan Communications                            020 7353 4200  

Susanna Voyle/Tom Rayner  

Numis Securities Ltd                                    020 7260 1000  

Lee Aston, NOMAD  

Charles Farquhar, Corporate Broking  

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¹  Headline profit before tax is stated before accounting for the following items:

• Amortisation and impairment of acquired intangibles (including goodwill); 

• Fair value adjustment to minority put option liabilities; and 

• Notional interest on contingent consideration.

 

END

 

 

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