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		</div><p>Lord Saatchi has quit the M&;C Saatchi advertising agency amid multiple warnings over profits.</p>
<p>The UK-based firm warned over profits for the second time in three months last week after being hit with higher costs and a weak performance in the final quarter.</p>
<p>The group of agencies, which works with major brands such as Unilever, previously saw shares fall more than 40% after it announced it expected to face approximately £11.6 million in one-off costs for the year, an increase from previous forecasts of £7.8 million.</p>
<p>Professional services company PwC separately identified the firm’s 2018 half-year profits were overstated by around £6 million.</p>
<p>M&;C Saatchi previously said profit for the full year is expected to be between 22% and 27% lower than the previous year, greater than the 10% fall the company predicted in September.</p>
<p>Lord Saatchi, the executive director of the firm, tendered his resignation which was announced on Tuesday.</p>
<p>Three other non-executive directors, Lord Dobbs, Sir Michael Peat and Lorna Tilbian, also stepped down from the firm founded more than two decades ago by a group including Lord Saatchi and his brother Charles.</p>
<p>Chairman Jeremy Sinclair said: <em>“We have accepted the decision of these directors to resign.</em></p>
<p><em>“We are determined to restore the operational performance and profitability of the business and are already implementing all of the recommendations set out in the PwC report we announced last week.</em></p>
<p><em>“We had started a process to reconstruct our Board with new independent directors. This new Board will have a mandate to conduct a full review of all aspects of our governance.”</em></p>
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