Saatchi Chairman Steps Down As Operating Profits Rise By 22%

Saatchi & Saatchi chairman, Charlie Scott, is to step down from the company at the end of this year. Scott will be replaced by Saatchi’s current chief executive Bob Seelert, and Kevin Roberts will become chief executive.

As a further element to the reshuffle, Wendy Smyth will take up the newly-created role as director of corporate affairs and Billy Cohcrane become the chief financial officer.

Interim financial results released today, for the six month period to June, show that the UK division of the global advertising and marketing agency has suffered a loss in operating profit of 28.9%, from £4.5 million for the same period last year, to £3.2 million this time.

Across the whole group, operating profits were up 22.4% to £14.2 million; profit before tax and exceptional gains stood at £12.4 million – up 44.2%.

Of the results, Seelert says: “These are our first results as a stand-alone company and we are proud of them. We remain confident that we can achieve the future growth required to deliver our 1999 targets of revenue growth at or above the market rate and double-digit margins.”

Saatchi & Saatchi: 0171 436 4000