Burt is head of strategy and King is executive creative director; both men will retain their former roles while taking on the shared CEO responsibilities.
Melrose resigned from the agency after 10 years in the industry to pursue opportunities outside of advertising.
"I have set down what I want to achieve in the forthcoming years, and sadly that means resigning as CEO of M&C Saatchi," he said.
According to King, Melrose would be returning to client-side duties.
Both Burt and King wished Melrose well. Burt added that he looks forward to building on the agency's key disciplines in the coming years.
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