WPP Scangroup Plc CEO Bharat Thakrar has resigned from his positions as CEO and board member, barely a month after being suspended over allegations of gross misconduct alongside CFO Satyabarata Das.
Thakrar, who founded the company and remains the largest individual shareholder , also resigned as a director of the company’s subsidiaries and its affiliates.
The firm noted that investigations into Thakrar would continue despite his resignation being accepted by the board.
It also revealed plans to begin the process for recruitment of a new CEO.
Following Thakrar’s suspension, the NSE-listed firm had delegated authority to an interim Chief Operating Officer (COO) Alec Graham to ensure operations continue running smoothly.
Graham boasts over 25 years experience in senior finance roles for marketing, media and advertising firms around the world.
The recent allegations have been perceived as a serious stain on Thakrar’s otherwise glittering CV.
While details of the in-house investigation remain scanty, sexual harassment is reportedly among the allegations leveled against him.
He founded Scanad, now Scangroup, in 1982 and built it up into a marketing behemoth for East Africa.
In 2013, he alongside other shareholders ceded a controlling stake to British multinational firm WPP – creating WPP Scangroup.