Former Scangroup CEO fails to oust board with small investor support

WPP Scangroup founder and former CEO Bharat Thakrar failed in his bid to oust the firm’s board at the annual general meeting. Minority shareholders holding a combined 13.59% stake supported the ouster, but majority shareholder WPP, with a 56.26% stake, voted against, defeating the resolutions with 243.1 million votes. Thakrar noted that over 99% of the independent shares that voted were in favor of change. The share closed at Sh2.06, down 2.83%.