M&C Saatchi PLC on Monday said Chief Executive Officer Moray MacLennan intends to retire, effective September 30, prompting a search for his successor.

In the meantime, the London-based advertising agency said Non-Executive Chair Zillah Byng-Throne will act as executive chair from September 1.

M&C Saatchi said it will initiate a ‘comprehensive’ formal executive search process to identify a long-term replacement to MacLennan.

‘On behalf of the board I would like to thank Moray for his contribution to M&C Saatchi, from the founding of the company in 1995 through to his current role as chief executive officer,’ said Byng-Thorne.

MacLennan added: ‘It has been a rare privilege to work for three decades with people I respect and like, creating work that has had an extraordinary impact on the world.

‘M&C Saatchi is well set for the future and now is the right time to make way for fresh energy and ideas.’

Shares in M&C Saatchi were up 0.9% to 149.38 pence each in London on Monday late morning.

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