- Roy will be replaced by Sue Prevezer
- The change will occur at the company’s next Annual General Meeting on June 6, 2024.
- Prevezer will be the new president of the appointments and remuneration committee
Paul Roy, founding board member of Sir Martin Sorrell’s S4 Capital, to retire from the firm in June after six years in office.
The advertising agency told investors on Monday that Roy, a non-executive director and chairman of the nominations and remuneration committee, will not stand for 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.
This follows a review of board effectiveness, with S4 Capital opting for a “more traditional and simplified board structure” where directors are primarily non-executive.
The firm of Sir Martin Sorrell (pictured) said Paul Roy, chairman of the appointments and remuneration committee, will not stand for re-election at the company’s next Annual General Meeting on June 6, 2024.
Prevezer, a qualified solicitor at Brick Court Chambers, will replace Roy as chair of the nominations and remuneration committee. at the company’s next annual general meeting on June 6.
The firm also announced that former Ogilvy & Mather chairman Miles Young and former Premier Food non-executive chairman Colin Day will join the committee.
In a statement, the company said: “As part of reducing his commitments to commercial and corporate interests, Paul will retire from the board at the Annual General Meeting to be held on June 6, 2024.”
Paul Roy added: ‘I am pleased and proud to have been able to join Sir Martin in the launch/start-up of S4 Capital. “We have had our challenges, including some very difficult and volatile markets, but Sir Martin and his team have the business model, the talent and the motivation to continue building a very successful business.”
Last month, S4 Capital’s turnover fell last year for the first time since it was founded, as clients reduced advertising spending amid greater economic uncertainty.
The group revealed that like-for-like net revenue declined 4.5 per cent to £873.2 million in 2023, following double-digit growth over the previous four years.
He also said corporate clients were taking an increasingly short-term attitude toward “bigger transformation projects,” leading to longer sales cycles and cost cuts among some smaller clients.
S4 Equity shares They were down 1.89 per cent at 49.50p in afternoon trading on Monday.