By Leah Montebello
Sir Martin Sorrell is expected to call in former WPP exec Colin Day to help bolster S4 Capital’s capabilities this week as the marketing giant battles a plunging share price.
As first reported by Mark Kleinman for Sky News, Day, who has also worked as finance chief at Aegis Group and Reckitt Benckiser, will be announced as the new chair of S4’s audit committee this week.
It comes after S4 shares have had a rocky few months, tanking over 40 per cent last week alone it issued a brutal profit warning to its investors.
S4 lowered its full-year guidance on earnings before interest, taxes, depreciation and amortisation to £120m, compared with estimates of £154m to £165m.
Net debt at 30 June 2022 was also towards the bottom end of previous guidance of £140-190m, due to “an improvement in working capital”.
The London listed firm also felt the sting of the markets earlier this year after it delayed its results just hours before they were due to drop. It cited the inability of PwC to sign them off.
S4 were not immediately available to comment.
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