Maurice Saatchi was forced to stand down as chairman of Saatchi & Saatchi, following a board meeting on Friday. He has been given until January 3 to decide whether to stay on in the honorific position of president of the holding company and chairman of subsidiary Saatchi & Saatchi advertising worldwide. The board recommended that ‘Saatchi’ should be dropped from the holding company’s name and that it should be retained only by the advertising subsidiary.
Robert Louis-Dreyfus, a non-executive director who was once the group’s chief executive, also resigned. Speculation is growing that three of the group’s major accounts Mars, British Airways and Mirror Group Newspapers may show support for Maurice Saatchi by dumping the agency.
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