LONDON (ShareCast) - (Sharecast News) - M&C Saatchi said on Wednesday that Mickey Kalifa had resigned from his executive role as chief financial officer, for "personal reasons", as the company worked to defend an unsolicited takeover from the acquisition vehicle AdvancedAdvT.
The AIM-traded advertising and communications agency said the search for a replacement would begin immediately.

In the meantime, Kalifa would remain in the role to ensure an orderly handover, as well as the completion of the 2021 audit.

"I would like to thank Mickey for his commitment and resilience over the past three years when he has overseen a period of significant restructuring and the return to growth at the company," said chief executive officer Moray MacLennan.

City AM reported on Tuesday that Kalifa was being courted by the Amsterdam-based, private-equity backed digital agency Dept, although this was not officially confirmed.

M&C Saatchi was yet to formally accept or reject the takeover proposal by AdvancedAdvT, which is led by tech entrepreneur Vin Murria, although its board had questioned the benefits of a merger.

Mickey Kalifa said he was "immensely proud" of the transformational turnaround achieved during his time at M&C Saatchi.

"I would like to thank the board, the shareholders and all at M&C Saatchi for their support."

At 1153 GMT, shares in M&C Saatchi were up 0.22% at 179.4p.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE