Saatchi & Saatchi signals name change
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A "classic smear campaign" was behind the row over the expenses of Charles and Maurice Saatchi, the founders of Saatchi and Saatchi, a spokesman for the brothers alleged last night.
With claims over the weekend that the two cost the company £5.5m in pay and other expenses in 1988-89, Saatchi is today announcing plans to restrict directors' share options and contract lengths.
Option awards will be cut to a multiple of four to eight times salary, depending on seniority, and will be exercisable over five years.
Under a controversial earlier option scheme, Maurice Saatchi was entitled to options worth eight times salary, exercisable over three years.
The group will also announce plans to change its name to Cordiant plc. The new name is intended to distance the holding company from the subsidiary agencies, which will retain theSaatchi & Saatchi name.
A spokesman for the brothers said no figures had been produced to back claims about the scale of their cost to the firm in 1988-89.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments