S4 Capital board shake-up as founding member retires after six years
- Roy is replaced by Sue Prevezer
- The change will take place at the company’s next General Meeting on June 6, 2024
- Prevezer will become the new chairman of the nomination and remuneration committee
Founder of the board of Sir Martin Sorrell’s S4 Capital Paul Roy will retire from the company in June after six years in the role.
The advertising agency told investors on Monday that Roy, a non-executive director and chairman of the nomination and remuneration committee, will not seek re-election to the board.
Roy, who has more than 40 years of experience in the banking, brokerage and asset management industries, will be replaced by attorney Sue Prevezer.
It follows a review of board effectiveness, with S4 Capital opting for a ‘more traditional, streamlined board structure’, with directors being predominantly non-executive.
Sir Martin Sorrell’s company (pictured) said Paul Roy, chairman of the nomination and remuneration committee, will not stand for re-election at the next General Meeting of Shareholders on June 6, 2024.
Prevezer, a qualified barrister and barrister at Brick Court Chambers, will replace Roy as chairman of the nomination and remuneration committee at the company’s next annual general meeting on June 6.
The company also announced that former chairman of Ogilvy & Mather, Miles Young, and former non-executive chairman of Premier Food, Colin Day, will join the committee.
In a statement, the company said: ‘As part of reducing his commitments to commercial and business interests, Paul will retire at the Annual General Meeting of Shareholders on 6 June 2024.’
Paul Roy added: ‘I am happy and proud that I was able to contribute to the start/establishment of S4 Capital together with Sir Martin. We have had our challenges, not least some very difficult and volatile markets, but Sir Martin and his team have a business model, the talent and the motivation to continue building a very successful business.”
Last month, S4 Capital’s revenue fell last year for the first time since its inception as clients cut back on ad spend amid greater economic uncertainty.
The group announced that like-for-like net revenue fell 4.5 percent to £873.2 million in 2023, following double-digit growth in the previous four years.
The company also said that corporate customers were taking an increasingly short-term attitude to “larger transformation projects,” leading to longer sales cycles and cutbacks for some smaller customers.
S4 Capital shares fell 1.89 percent to 49.50p in afternoon trading on Monday.