Distressed Sorrell Chases WPP Veteran To Help Ship Stable At His Marketing Firm S4 Capital
- Colin Day has joined S4 Capital’s board of directors as a non-executive director
- He will lead the audit and risk committee
Sir Martin Sorrell has appointed a former right-hand man to help stabilize the ship at his beleaguered marketing firm.
S4 Capital has announced that Colin Day has joined its board of directors as a non-executive director to lead its audit and risk committee after its share price plunged earlier this year following an “embarrassing” slowdown in financial results.
Day was a longtime non-executive director at WPP, the FTSE 100 advertising giant Sorrell founded in the 1980s from a shell company.
Sir Martin Sorrell has appointed Colin Day to the board of directors of S4 Capital
Sorrell was ousted as CEO in 2018 following allegations of misconduct and misuse of company assets, which he denies.
Day was on the board of WPP for ten years between 2005 and 2015. During that period, he was chairman of the group’s audit committee.
He was also a member of the board’s paying board when Sorrell was paid tens of millions of pounds a year despite protests from shareholders. For 2014, the last set of bills before Day’s departure, Sorrell received nearly £43 million.
Day also worked as chief financial officer at Dettol and Durex maker Reckitt Benckiser. And he was chief executive of component company Essentra and is chairman of Mr Kipling cake maker Premier Foods.
The day comes as Sorrell, 77, wants to revive the S4 share price, which has fallen 77 percent so far this year after the results fiasco, with the company releasing its figures just hours before their release. publication delayed after accountant PwC refused to sign the accounts.
This was followed by a profit warning that caused another sharp drop in the share price.
There are also growing concerns that the company is growing too fast after Sorrell started expanding at breakneck speed following the group’s founding in 2018.
It is hoped Day’s arrival will help restore investor confidence due to his long pedigree in the City, while Sorrell may appreciate having a long-serving former colleague at his side.
It is thought that Day’s previous experience in finance will enable him to take a tougher stance against accountants, possibly to avoid further problems with signing off on the group’s accounts.