According to a report in today’s Financial Times, it emerged last May that any vote on Maurice Saatchi’s future among the company’s shareholders would go against him. Financial advisers S.G. Warburg and UBS Securities told the board meeting in December – at which the decision was taken – that only 3.2% of the company’s shareholders would definitely support Maurice, while 40% would vote for his removal from the board and his position as Chairman.
As further background was revealed, the future looked to be one of legal action – initially by Saatchi & Saatchi, who yesterday issued a writ for damages against the three senior employees who left on Monday, and against Maurice Saatchi for allegedly orchestrating a conspiracy to damage the company, and made it clear it would press for an injunction barring the three from working for any competing business for at least a year.
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