Moray MacLennan: We must prove the detractors wrong

As most of us head off for the holiday season, it’s important that everyone in our company is aware of the facts behind the recent headlines.

We have certainly learnt lessons. We are chastened.

But if nothing else, the events remind us of the power of the Brand, and what lies at its and our core.

We must start 2020 confident in our abilities, determined to lead, and remain audacious.

To prove the detractors wrong and restore our reputation as the most famous and influential communications brand in the world.

Specifically, we will continue to invest in our existing businesses, open new ones, and back top talent.

Our underlying business is strong – we will make significant profits this year and anticipate significant profits next year.

We are net cash positive, ie. we have more cash than debt – a stronger balance sheet than the vast majority of companies, public or private.

And the quality of our product is stronger than ever.

Accounting issues

These were limited to three companies in the UK, out of our 141 companies globally.

The individuals directly associated with them have left the company.

Systems and processes are being put in place to ensure that this can never happen again.

PLC board

The departure of Maurice is of course a shame. He is a legend in the advertising world and we have a great deal to thank him for.

He has however been remote from our business for many years.

We still have the Saatchi spirit. And we still have the spectacles.

New non-executive directors will be appointed in early 2020 and they will of course have a full and free remit to review governance.

Restructuring in the UK

We have announced phase one of the planned restructure with departures through voluntary redundancy.

The longer term plans will be announced in the first two weeks in January.

Finally, an apology, for the events and the noise, none of which have been of your making.

And an even more heartfelt thank you for continuing to deliver through all of this.
It has perhaps never been more difficult which makes your achievements in 2019 beyond remarkable.

Just to remind ourselves of a few…

M&C Saatchi Sport & Entertainment – Sponsorship Industry Agency of the Year. For the third time. The most awarded sponsorship agency in the world, ever.
M&C Saatchi Performance – Agency of the Year, Agency of the Decade, Mobile Marketing Awards.
Clear – Leading Management Consultants, Financial Times
M&C Saatchi South Africa Group – Large Agency of the Year, Partnership of the Year, Industry Leader of the Year
M&C Saatchi Australia – The Most Innovative Company in Australia
M&C Saatchi Kuala Lumpur – Business Leader of the Year, Campaign Asia
M&C Saatchi World Services – The world leader in Social Change Communications – making the world a better place, a nice thought to take into the holidays.

Thank you again and I look forward to sharing with you more plans for our 25th year in 2020.

(This article first appeared on CampaignLive.co.uk)