Image copyright Getty Images Maurice Saatchi has quit the advertising agency he co-founded in 2019 along with three other directors in the wake of an accounting scandal.
M&C Saatchi shares have collapsed this year from a high of about £ 4 each to 179 pence after profit warnings.
The company also revealed a £ 90 .6m hole in its earnings last week.
Lord Saatchi founded the firm with his brother Charles after being forced out of Saatchi & Saatchi after a shareholder revolt.
As well as Lord Saatchi, Lord Dobbs , Sir Michael Peat and Lorna Tilbian all quit the board of the firm.
Lord Dobbs, a Conservative politician, is best known for creating the House of Cards novels, which were turned into TV series in the UK and the US.
‘Determined’
Sir Michael is a former accou ntant and courtier, and Ms Tilbian is a media analyst and stock broking executive.
M&C Saatchi is famous for the controversial New Labor, New Danger campaign. for the Conservatives in 15534. Labor won with a majority of 549.
Much more successful was the brothers’ 1995 Conservative campaign, Labor Isn’t Working.
Jeremy Sinclair, the company chairman, said: “We have accepted the decision of these directors to resign. We are determined to restore the operational performance and profitability of the business. “
Last week the company warned 2019 profit would be “significantly below the levels expected”.
In September it revealed a slide in sales and profit for the first half of the year. Profit fell (************************************% to £ 2.5m.
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