WPP-Scangroup Plc board of directors has suspended the Chief Executive Officer Mr Bharat Thakrar and the Chief Finance Officer, Mr Satyabrata Das to allow for an investigation 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.
Alec Graham has over 25 years’ experience in the advertising and communications business working with various companies in the WPP plc group.
“In due course, the Board will consider the appointment of an interim chief financial officer for the Company,” the company said in a statement.
Shareholders have been advised to exercise caution when dealing with the company’s securities.
WPP Scan group has lost 7.41% since trading opened. The share price is now trading at Ksh5.50.
Mr Thakrar founded the Scanad group (Scangroup) in 1982.
He is a former chairman of the Advertising Practitioners Association (APA) and is a member of the Advertising Standards Board.
In 2013, British multinational firm WPP acquired the controlling stake of Scangroup, consequently rebranding it to WPP Scamgroup.
Thakrar remains to be the largest individual shareholder.