WPP Scangroup’s founder and long-serving chief executive, Bharat Thakrar, has resigned from his position as company’s chief executive officer.
Mr Bharat Thakrar and his Chief Finance Officer Satyabrata Das were last month suspended by the board, from the marketing services firm over unspecified allegations of gross misconduct to allow for investigations.
“The company announces that the chief executive officer, Mr Bharat Thakrar, has tendered his resignation as CEO and board member, which the Board has accepted. Mr Thakrar has also resigned a director of the company’s subsidiaries and affiliates,” the company said in a statement.
However, the group stated they would continue investigations following the earlier alleged claims of gross misconduct and possible offences in their capacity as senior executives and employees of the company.
Following the announcement, Scangroup shares have dropped 2.48% to Kes 5.50 on the Nairobi Securities Exchange.
Scangroup said they have started looking for new CEO; however, in the meantime, the board has appointed Alec Graham as the chief operating officer on an interim basis.
Scangroup is a WPP PLC subsidiary; a full-service creative transformation company focused on building better futures for their clients.
The move by the listed marketing firm is seen as WPP Plc’s strict ethical codes. The multinational has a detailed code of business conduct that states its commitment to fight a raft of crimes and misdemeanors, including bribery, discrimination and insider trading.
Read also: WPP Scangroup Shares Drop 7.7% as CEO Bharat Thakrar is Suspended Over Gross Misconduct Allegations.
