NAIROBI, Kenya,May 18-WPP Scangroup has reshuffled its board, appointing three new non-executive directors while three others exit, in a move unfolding against mounting shareholder pressure over declining performance and eroded investor value.
The Nairobi Securities Exchange-listed advertising firm has named Ms Kagiso Musi, Mr Nick Douglas and Mr Manuel Segimon as non-executive directors effective May 13, 2026, bringing in senior leadership experience from global marketing, finance and governance roles within the WPP network.
Ms Musi is a Pan-African marketing executive with more than 25 years’ experience across creative, media and broadcasting sectors. Mr Segimon serves as CFO at WPP Creative EMEA and VML EMEA, while Mr Douglas is Group Finance Director at WPP plc, with extensive experience in listed-company reporting, risk and capital allocation.
The board changes also mark the exit of non-executive directors Mr Jon Eggar, Ms Patou Nuytemans and Mr Shahid Sadiq, whom the company thanked for their service and strategic input during their tenure.
The shake-up comes as the company faces a shareholder revolt led by former chief executive Bharat Thakrar and minority investors holding a 13.59 per cent stake, who are pushing for a general meeting to overhaul the board over sustained losses and strategic concerns.
The investors have cited revenue declines, loss of major clients and shrinking regional operations, alongside questions on related-party transactions and weakening cash positions.
In its 2025 audited results, WPP Scangroup reported a 16.3 per cent drop in revenue to Sh2.04 billion and a net loss of Sh714 million, deepening concerns over its turnaround strategy.
“We wish to register, formally and on the record, our serious concern at the continued deterioration in the Company’s financial, commercial and strategic position since 18 February 2021, when the share price stood at Sh5.94.
As of 6 May 2026, the share price had fallen to Sh2.24, representing a decline of approximately 62 per cent in market capitalisation.”
The investors further pointed to cumulative losses of about Sh3.1 billion between 2021 and 2025 and a sharp decline in cash reserves over the period.
The developments set the stage for a high-stakes governance showdown at one of Kenya’s largest listed advertising firms, as investors push for accountability and strategic reset.
