Gareth Davis said he would not seek to be re-elected as chair of advertising giant M&C Saatchi.
Davis made the announcement as the firm reported a nine per cent year-on-year increase in net revenue of £271m during 2022.
M&C Saatchi also revealed it had made its largest ever profit, £31m, during 2022; the 14 per cent increase was down to strong performance in its higher growth specialisms in both the UK and the Americas.
M&C Saatchi said its profit before tax was in line with exceptions set out in April last year.
Gareth Davis, who said he would be stepping down from the company’s board at its AGM after three years at the helm, added that it had been a privilege to chair M&C Saatchi through a three-year turnaround.
He said: “Today’s trading update highlights another record year for company, demonstrating the successful delivery of its growth strategy and marks a further milestone in the Company’s transformation journey.”
Chief executive Moray MacLennan, thanked Davis, “for the key role he played in stabilising our business, but laying the foundations for future growth. I would like to thank him for his support, wisdom and humour, which has been central to the extraordinary turnaround.”