Hours after WPP Scangroup board of directors suspended CEO, Bharat Thakrar and CFO, Satyabrata Das over allegations of gross misconduct in their capacity as senior executives of the business, the company has already begun to feel the effects as its share sharply declined on Friday.
The announcement which is currently the trending topic on social media saw Scangroup's share dip by 7.41% at the opening trade on the Nairobi Securities Exchange to trade at Sh5.50 from the previous close of Sh 5.94, which is well below the Sh. 8 dividends per share it paid just less than a year ago. A screengrab of WPP Scangroup real-time price chart Meanwhile, the marketing and communication company has named two new non-executive directors, Jason Day and Shahid Sadiq to its board.
The new directors are, and their appointment will take effect on 8th February 2021.
WPP Scangroup began as a marketing services company in Kenya in 1999 and in August 2006, listed on the Nairobi Securities Exchange.
It currently has operations in 25 Sub Saharan countries with majority-owned businesses in Kenya, Rwanda, Tanzania, Uganda, Zambia, South Africa, Cameroon, Gabon, Ghana, Senegal, Nigeria, and Ivory Coast.
Shareholders have been advised to exercise caution when dealing with the company’s securities.