Ex-Scangroup CEO bid to oust board at AGM flops on investors snub
Nairobi, June 9 -- WPP Scangroup founder and former CEO Bharat Thakrar failed in his bid to oust the firm's board in a vote at the annual general meeting, as the majority shareholder was unable to secure the backing of the minority investors.
The shareholders voted on Monday to remove the current board members and push for new directors, following a petition from minority shareholders who hold a combined 13.59 percent stake.
All minority shareholders who participated in the AGM, with 65.5 million shares or a 15.1 percent stake, backed the ouster bid.
However, their numbers were not enough for the might of the firm's majority shareholder, WPP, the world's largest advertising group, which had a 56.26 percent stake or 243.1 million shares...
Click here to read full article from source
To read the full article or to get the complete feed from this publication, please
Contact Us.