S4 Capital: Sir Martin Sorrell’s ad giant loses its CFO
S4 Capital, the ad giant run by Sir Martin Sorrell, is set to lose its chief financial officer Mary Basterfield.
Basterfield has been CFO of S4 Capital since January 2022, having previously worked as CFO of Warner Music Group and UKTV, as well as group finance director of Just Eat.
She has a twelve month notice period and will continue working in her current position, as well as participating in the search for her successor. It is unclear which position she will be taking next.
Sorrell, executive chair of S4 Capital, which he founded in 2018, said: “The board wants to take this opportunity to thank Mary wholeheartedly for her hard work and commitment over the past three years and for her participation in the transition to a new financial leader.
“Mary has been instrumental in improving our finance team, processes and systems, as well as a collaborative business partner.”
In September, S4 Capital revealed that net revenue had fallen by 15.6 per cent from £445.5m to £375.1m in the six months to June 30.
The group’s net debt ballooned from £109.4m in the first half of 2023 to £182.8m, after several years of difficult trading for the group.
S4 Capital’s stock price is down more than 80 per cent over the last five years.
The group is set to publish a 2024 trading statement on 28 January ahead of its full year results on 24 March.
Basterfield added: “I’ve enjoyed my time working with Sir Martin, the board and the wider team and am proud of the work done by the finance team to strengthen the function. I wish the group every success in the future.”