Charles Saatchi resigns from board following pressure from investors

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Charles Saatchi, the reclusive founder of the advertising group bearing his name, has resigned as a main board director following pressure from institutional investors. He is to become the group's first honorary president. Mr Saatchi (above) has faced increased shareholder hostility for his failure to attend annual meetings. His role within the group also led to a row with Robert Louis-Dreyfus, Saatchi's former chief executive. Mr Saatchi's rolling five-year service contract has been changed to a fixed term. His annual salary will remain at pounds 312,500 but his legal right to double that sum has been withdrawn.