Kenya’s WPP Scangroup shares plunge after CEO suspension

PUBLISHED: Fri, 19 Feb 2021 10:17:02 GMT

NAIROBI, Feb 19 (Reuters) – Shares of Kenyan marketing company WPP Scangroup plunged by more than 7% on Friday, after the firm suspended its chief executive to investigate allegations of gross misconduct.

At 0951 GMT, its shares were trading down 7.4% at 5.50 shillings ($0.05) on the Nairobi Securities Exchange, Refinitiv data showed.

The company said earlier on Friday that its board had suspended Bharat Thakrar and Chief Finance Officer Satyabrata Das to “allow for an investigation into allegations of gross misconduct and possible offences in their capacity as senior executives and employees of the company.”

The firm, which operates in Nigeria, South Africa and other sub-Saharan African nations, did not provide further details.

Thakrar and Das were not immediately available for comment.

WPP Scangroup said interim Chief Operating Officer Alec Graham would run the company for the time being, with the support of the board.

($1 = 109.5000 Kenyan shillings) (Reporting by Omar Mohammed; Editing by George Obulutsa and Edmund Blair)

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