– A month after Scangroup founder and CEO Bharat Thakrar was suspended, he has officially tendered his resignation
– Bharat was suspended alongside chief finance officer Satyabrata Das over allegations of gross misconduct as senior executives of the marketing agency
– The board has appointed chief operating officer Alec Graham to act as CEO for the time being on an interim basis
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A month after Scangroup founder and Chief Executive Officer (CEO) Bharat Thakrar was suspended by the Private Limited Company (PLC), he has tendered his resignation.
In an official public announcement dated March 23, WPP Scangroup PLC explains that Bharat has exited as both the CEO, board member, and director of the company’s affiliates and subsidiaries.
The announcement further underpins that the ongoing investigations against him and his counterpart chief finance officer Satyabrata Das will continue, resignation notwithstanding.
Bharat and Das were suspended over allegations of gross misconduct during their reign as senior executives of the marketing agency.
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Bharat made history as the first CEO of a firm listed at the Nairobi Securities Exchange (NSE) to be suspended over ethical misconduct.
The resignation means that Scangroup now has to recruit a new CEO to replace the outgoing Bharat, but chief operating officer Alec Graham will act for the time being on an interim basis.Bharat became Scangroup’s CEO in 1999 and had an open-ended contract whose exit clause was marked as Not Application.The 69-year-old would grow to a revered dealmaker and brand mogul in the Kenyan corporate world . PAY ATTENTION: Click ‘See First’ under ‘Follow’ Tab to see TUKO.co.ke news on your FB Feed As of 2006, he controlled a 28.5 percent stake in the company, making him a top shareholder before he sold his shares and dropped to 10.6 percent.That allowed a fellow shareholder United Kingdom-based WPP to increase its stake in the company to 56.3 percent.In the wake of Bharat’s suspension last month, Scangroup’s stock dipped by over 7 percent. Hillary Lisimba Ambani is a graduate of the University of Nairobi’s School of Journalism with an illustrious career in Print, Broadcast, and Online journalism. He is a published author, former columnist at Daily Nation, Human-Interest editor at TUKO.co.ke, and Philanthropist. Hillary uses his experience, skills, and knowledge to change the world a day […]
