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WPP Scangroup appointed three new non-executive directors just days after Bharat Thakrar filed a formal demand for a special general meeting to remove the entire board.
Bharat Thakrar and minority shareholders holding 13.59% of WPP Scangroup have demanded a special general meeting to remove the entire board after five straight years of losses.
WPP Scangroup, founded by Bharat Thakrar, is cutting jobs after posting a half-year loss amid weak demand and cash strain.
This decision, triggered by the challenges in meeting revenue targets, aims to align the firm with market demands and macroeconomic trends.
This move follows his suspension from the company in 2021 and his announcement in February of plans to sue WPP for £24 million ($30.2 million).
Thakrar also accused WPP of leaking details of an internal investigation into alleged financial and personal misconduct to local media, causing “reputational damage.”
Her appointment comes a year after Thakrar stepped down as CEO.
The decline comes on the back of a sell-down in the marketing and communications company’s shares.
Bargain hunters recently drove up the company’s share price.
Scangroup announced that its founder has resigned.