Charlie Scott, chairman of Cordiant Communications, finally bowing to pressure from disgruntled shareholders, is to follow chief executive Michael Bungey into the Great Wilderness beyond London’s ad ghetto.
The struggling holding company, parent of the Bates global network and other prime marketing properties (among them German ad agency group Scholz & Friends, Far Eastern group Diamond Ad and PR network Financial Dynamics), issued the following statement Thursday:
“Charlie Scott has confirmed his intention to leave the company once a successor has been identified. The board has asked Mr Scott to lead the search for his replacement and that exercise is currently under way. Mr Scott intends to step down once the current management transition at Cordiant is complete and a new chairman has been appointed.”
His departure after thirteen years with the company, both before and after its demerger from Saatchi & Saatchi four years ago, will be seen as a victory for the group’s most vocal and powerful shareholders – the troublesome troika of Julian Treger and Brian Myerson (Active Value Fund Managers) and Maurice Saatchi’s nemesis, Chicago fund manager David Herro.
Data sourced from: MediaGuardian.co.uk; additional content by WARC staff