Saatchi Update

Conflicting and confusing reports have come out of Charlotte Street over the Xmas period with regard to Maurice Saatchi’s position at the company. The boardroom coup which resulted in Mr Saatchi being ousted both as chairman and board member came just before Xmas, and today was said to be the deadline for a decision as to whether he would accept an offer to stay as honorary president of the holding company – from which the Saatchi name will be dropped – and chairman of Saatchi & Saatchi Worldwide.

This morning’s press is broadly of the opinion that he will sever all links with the company, although the FT reports further confusion and less importance being attached to today’s deadline. Most adamant that Mr Saatchi will leave is The Times, which quotes a short memo to company secretary, Graham Howell, “Please inform Mr Herro that I do not accept his offer. It was kind of him to consider me for the position.”

It is Mr Saatchi’s view, says The Times, that backdoor control of the company has been handed to David Herro, a Chicago-based fund manager, who led the move to oust Maurice Saatchi.

Speculation grows as to Mr Saatchi’s next move if he leaves; latest reports are that he would be most interested in joining forces with another international agency. The Independent speculates on a position in the Downing Street policy unit.

Accounts under most threat if Maurice Saatchi leaves are still said to be Mars, British Airways and its Australian associate airline Qantas.

Saatchi’s share price rose 5p to 149p yesterday on rumours that he might stay!