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WPP Scangroup CFO jumps ship after 18 years
WPP Scangroup Chief Finance Officer Sanjeev Panwar is set to leave the marketing and communications group at the end of 2026 after 18 years with the company. Sanjeev Panwar, who assumed the CFO position in January 2025, will remain through the end of the year to support continuity and the transition.
Alexander Muasya, currently Regional Controller, will serve as acting CFO as the WPP Scangroup board begins the search for a permanent replacement.
Sanjeev Panwar's 18-year career at WPP Scangroup
In his tenure at the company, Mr. Sanjeev served in various capacities, including Group Finance Director and Deputy Chief Finance Officer. Before joining WPP Scangroup, he worked with Publicis Groupe in India, where he held key finance leadership roles.
Sanjeev is a qualified member of the Institute of Chartered Accountants of India (ICAI) and holds the CMA qualification from the Institute of Cost Accountants of India (ICMAI). He is also a graduate with a Bachelor of Commerce (Hons) degree from the University of Delhi.
WPP Scangroup undergoes leadership changes
The WPP Scangroup board expressed its appreciation for his service and wished him the best in his future endeavours.
His departure follows recent major leadership changes at the group. In June, Miriam Kaggwa stepped down from her position as the Chief Operating Officer, to explore other opportunities.
Board changes follow investor pressure
Additionally, the group reshuffled its board in May amid mounting shareholder pressure over the group's declining performance and eroded investor value. This saw Ms. Kagiso Musi, Mr. Nick Douglas and Mr. Manuel Segimon appointed as non-executive directors to its board, effective May 13.
At the same time, three board members, Mr. Jon Eggar, Ms. Patou Nuytemans, and Mr. Shahid Sadiq, retired from their positions as non-executive directors.
WPP Scangroup reports earnings pressure
The leadership changes come as WPP Scangroup faces tumultuous financial times and major strains in its business. In 2025, the board issued a profit warning, projecting that net consolidated earnings for the year ending December 31, 2025, would be about 25 percent lower than in 2024.
The group attributed the results to lower-than-expected earnings in 2025 due to a decline in revenue, the loss of Airtel's business, and lower interest income. Further, it also reported that its most recent restructuring program led to a one-off severance cost of over Kshs. 160 million.
Foreign exchange losses affected 2024 results
In 2024, the group issued a similar notice, citing that its results for the financial year 2024 were negatively impacted by foreign exchange losses driven by the significant appreciation of the Kenyan shilling.
