WPP Scangroup founder and long-serving chief executive Bharat Thakrar, who had been suspended last month from the marketing services firm over unspecified allegations of gross misconduct, has resigned.
Thakrar was on suspension as the company’s CEO pending probe on claims of misconduct and abuse of office.
“The Chief Executive Officer, Mr Bharat Thakrar, has tendered his resignation as CEO and board member, which the Board has accepted. Mr Thakrar has also resigned a director of the Company’s subsidiaries and affiliates. The investigation into the allegations of gross misconduct and possible offences against the two executives will continue,” said the board in a statement.
Scangroup board announced that the process to recruit a new CEO had commenced following Thakrar’s unceremonious exit.
The Board has delegated authority to an interim Chief Operating Officer, Mr AIec Graham so as to ensure the continued management of the Company.
“The Board will now commence the process to recruit a new CEO for the Company. In the interim, the Board has delegated authority to an interim Chief Operating Officer, Mr AIec Graham, so as to ensure the continued management of the Company, with the support of the Board and the senior executives of the subsidiaries.”
Thakrar resignation comes one month after the WPP board of directors reached an agreement to suspend him to pave way for investigations into the alleged misconduct.
He was suspended together with WPP Chief Finance Officer Satyabrata Das over allegations over similar allegations.
“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 on February 19 this year.
Mr Thakrar founded the Scanad group (Scangroup) in 1982, even though he has exited Scangroup as the boss, he remains to be the main shareholder at the firm.
He is a former chairman of the Advertising Practitioners Association (APA) and is a member of the Advertising Standards Board.