Windfall for Saatchi & Saatchi FD
Saatchi & Saatchi fnance director Bill Cochrane is due to receive £5.6mworth of shares following confirmation yesterday of a £1.2bn stock buy out ofthe UK advertising company by Publicis of France.
Corporate affairs director and chartered accountant Wendy Smyth is set toreceive £6m, while chief executive Kevin Roberts will receive £7.7m.
The trio are among up to 100 Saatchi employees set to take a sizeable cut in amultimillion pound windfall from the merger, which will create in terms ofearning the world’s number five ad agency.
The cross-Channel link up comes after recent difficulty for the once high-flyingagency following its demerger three years ago from Cordiant.
Thirty five managers will switch their Saatchi incentive schemes with Publicisshares valued at 500p each and worth in total just over £59m or an average of£1.7m per head.
Publicis shares dropped in Paris yesterday by 12% as fears spread that Saatchiemployees would cash in and sell their stock.