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WPP scangroup shares drop after suspending two top executives

WPP scangroup shares drop after suspending two top executives

WPP Scangroup shares faced a nosedive on Friday after the company suspended its Chief Executive Bharat Thakrar and head of finance Satyabrata Das.

According to data from my stocks dot com, WPP Scangroup, a subsidiary of WPP saw its shares drop by 7.07 percent to Ksh.5.52.

In a statement early Friday, the company’s board of directors said it had reached the agreement to suspend the two in order to allow for investigations into the alleged misconduct.

To that effect, the board delegated the executive roles to WPP’s Chief Operating Officer Mr. Alec Graham in an interim capacity to ensure continued management of the company.

“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 senior executives of the company’s subsidiary,” said WPP Scangroup in a statement.

Shareholders have been advised to exercise caution when dealing with the company’s securities.

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Digital Desk, Metropol TV

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