SHOCK AS CORAH RESIGNS FROM M&C SAATCHI

CB hears Simon Corah has resigned as CEO and partner of M&C Saatchi Australia, the agency he helped establish 11 years ago, initially working out of a hotel room in Sydney. No doubt it is a huge loss to the agency but sources say he will retain his shareholding and consult to several M&C Saatchi clients via his own management consultancy business. More details on this tomorrow.

UPDATE....

Corah will launch a new business with M&C Saatchi as its founding client and will continue to work closely on the agency’s major clients.
“My new company will be based on the philosophy that growth is the mantra for all modern business and we’ll be working with companies to adopt and create strategies to do this,” said Corah.
“It has been an exciting, unbelievable 12 years starting M&C Saatchi from the ground up but now its time to do something for myself.”
Dery said that the fact M&C Saatchi had grown at such a pace through locally won business rather than global alignments was testament Corah’s involvement.
“Over the years we have won clients that we never dreamed possible and that, in large part, is down to Simon’s ‘never say die’ attitude,” Dery said.
“His energy and focus has been a motivating force for our business and we are thrilled that his new life will be closely linked with the agency and its clients.”
Corah will not be replaced. Rather, his responsibilities will be handled by Dery, executive regional creative director Tom McFarlane, Sydney managing director Marie Jackson and new Melbourne managing director David Brown.
“It is the end of an era for me without question – but the start of a new one that I am very excited about,” said Corah.