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WPP Scangroup Shares Drop 7.7% as CEO Bharat Thakrar is Suspended Over Gross Misconduct Allegations

Bharat Thakrar, the Chief Executive Officer of listed marketing firm WPP Scangroup, and his Chief Finance Officer Satyabrata Das have been suspended by the company’s board.

The Board of Directors said on Friday, the suspension is to allow for investigations into allegations of gross misconduct and possible offences in their capacity as senior executives and employees of the company.

“The Board has delegated authority to an interim Chief Operating Officer Mr. Alec Graham to ensure continued management of the company with the support of the Board and senior executives of the company’s subsidiaries,” the company said in a statement on Friday.

The company’s board appointed Mr Alec Graham who has over 25 years experience in the advertising and communications business, and who has worked with various companies in the WPP Plc group, to take over at an acting capacity.

“In due course the Board will consider the appointment of an interim chief financial officer for the company,” the statement adds.

Shareholders have been advised to exercise caution when dealing with the company’s securities.

WPP ScaNgroup
WPP scangroup reall time price chart. (My stocks Kenya)

The announcement saw the share decline by 7.41% at the opening trade on the Nairobi Securities Exchange to trade at Kes 5.50 form the previous close of Kes 5.94.