Marketing and communication agency WPP- Scangroup has suspended the employment of two senior executives to clear the way for investigations into claims of malpractice.
According to a statement made by the firm on Friday, the two executives – Chief Executive Officer Bharat Thakrar and Finance boss Satyabrata Das – will not be allowed to work for the company in any capacity until the inquiry is completed.
“The board has suspended the employment of the Chief Executive Officer Bharat Thakrar and the Chief Finance Officer Satyabrata Das to allow for an investigation into allegations of gross misconduct and possible offenses in their capacity as senior executives and employees of the company,” the company’s board said in a statement seen by CALLA News.
Despite not revealing the exact nature of the investigations, WPP Scangroup has appointed its very own Chief Operating Officer Alec Graham as the company’s new interim CEO.
“The Board has delegated authority to an interim Chief Operating Officer Mr. Alec Graham to ensure the continued management of the Company with the support of the Board and the senior executives of the Company’s subsidiaries,” the company statement read.
Mr. Graham has over 25 years’ experience in the advertising and communications business working with various companies in the WPP plc group.
WPP Scangroup similarly revealed that it will also consider the appointment of an interim chief financial officer for the Company in due time.
Consequently, the company’s Board of Directors advised investors to exercise restraint when trading the company’s stocks.
“For the time being, therefore, shareholders and investors are advised to exercise caution when dealing in the Company’s securities,” the company’s board warned.
WPP-Scangroup saw its beginning as a private limited liability company in January 1999, trading as Media Initiative East Africa Limited. In October 2005, the company changed its name to Scangroup Limited. Scangroup then listed on the Nairobi Securities Exchange in August 2006 and is currently the only marketing services company listed on the exchange. In late 2013, Scangroup became a subsidiary of WPP and subsequently renamed itself to WPP-Scangroup PLC in June 2015.