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Scangroup CEO paid Sh79.4m

WPP SCANGROUP CHIEF EXECUTIVE BHARAT THAKRAR. FILE PHOTO | NMGWPP Scangroup’s chief executive Bharat Thakrar was paid a total of Sh79.4 million in the year ended December, the marketing services firm has disclosed in its latest annual report.
Mr Thakrar’s compensation, the bulk of it in the form of salary and allowances, increased marginally from Sh78.2 million the year before.
The Nairobi Securities Exchange-listed firm says it pays its executives to recognise their skills and experience.
“Their remuneration package comprises a base salary, pension/gratuity and other benefits designed to recognise the skills and experience of an executive director,” Scangroup says in the report.
His pay comprised a salary of Sh42.8 million or Sh3.5 million per month, allowances (Sh29.4 million) and non-cash benefits (Sh7 million).
In the previous year, his remuneration comprised salary of Sh42.8 million, allowances (Sh28.3 million) and non-cash benefits (Sh7 million).
Scangroup’s former finance director Jonathan Eggar, who remains on the board, was paid a total of Sh32.9 million in the year ended December, rising marginally from the previous year.
Global communications firm WPP is set to raise its stake in the NSE-listed firm to 56.25 per cent by acquiring an additional 6.1 per cent equity.
The all-stock transaction, valued at Sh926.6 million, will see Scangroup issue 53.2 million shares to Russel Square Holding, another entity controlled by WPP.
Russel will in turn hand over to Scangroup its 70 per cent stake in Mauritius’ Research and Marketing Group Investment Limited.
The transaction, expected to be completed by end of July, mirrors a 2013 deal that saw WPP take a controlling 50.1 per cent stake in Scangroup by offering Sh1.8 billion in cash and surrendering its interests in nine subsidiaries to the NSE-listed firm.
“Consequently, Russell BV and its associated persons (Cavendish BV, Ogilvy & Mather and WPP) will beneficially own an aggregate of … 56.25 per cent of the issued shares in WPP Scangroup,” Rusell said in a notice.

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