Troubled Scangroup CEO Bharat Thakrar has resigned both as a CEO and a board member days after the board suspended him over alleged gross misconduct.
In a statement, Scangroup board announced that the process to recruit a new CEO had commenced following Thakrar’s unceremonious exit.
“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 investigation into the allegations of gross misconduct and possible offences against the two executives will continue,” said the board in a statement.
Mr Thakrar was suspended alongside the Chief Financial Officer, Mr Satyabarata Das on February 18, with the Chief Operating Officer Mr Alec Graham handed interim responsibility to head the firm.
“The Board will now commence the process to recruit a new CEO for the Company. In the interim, the Board has delegated authority to an interim Chief Operating Officer, Mr AIec Graham, so as to ensure the continued management of the Company, with the support of the Board and the senior executives of the subsidiaries,” added the statement.
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.