WPP Scangroup chief executive Bharat Thakrar. FILE PHOTO | NMG Bharat Thakrar, 69, has for more than four decades prided himself as a dealmaker and king in corporate Kenya when it comes to building and protecting brands.
The roles have changed and Mr Thakarar is now battling to protect his brand after the firm, WPP Scangroup, he helped found suspended him to investigate allegations of gross misconduct. The camaraderie he built with UK-based conglomerate WPP Plc from 2008 when sold them a piece of the Nairobi bourse listed marketing firm is shattered.
The deep-pocketed WPP brought in new capital and global expertise in the rapidly changing communications and advertising business.
Mr Thakrar on the other hand would continue to leverage his experience and extensive local contacts for the benefit of the company.
In return, he would run an even bigger empire as the company went on an acquisition spree and worry less about job security.
Since he took the CEO post in 1999, Mr Thakrar has always enjoyed an open-ended contract with the end of his contract marked N/A (not applicable).
The cushy arrangement, which had lasted 13 years, came to an abrupt end on Friday when the listed firm announced that it had suspended Mr Thakrar and chief finance officer Satyabrata Das.
The suspension is to enable an investigation into allegations of gross misconduct and possible offences in their capacity as senior executives and employees of the company, Scangroup said in a statement.
The wording of the statement implies that the duo took advantage of their privileged positions to carry out the alleged misconduct, which was not specified but could include irregular financial transactions.
Mr Thankrar declined to comment on this story.
This is the first time a chief executive of an NSE-listed firm has been suspended or sacked publicly for ethical misconduct. Most firms have opted not to disclose the reasons for the sudden departure of their leaders.The bold move by Scangroup is seen as the application of 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 misdemeanours including bribery, discrimination and insider trading.“We will not have any personal or family conflicts of interest within our businesses or with our suppliers or other third parties with whom we do business,” the code reads in part.Mr Thakrar’s troubles are a miniature replay of the ignominious ouster of WPP Plc’s iconic founder and […]
