Japan's Dentsu Group has replaced its chief executive after reporting its worst annual loss in history, driven by massive writedowns on its international operations. The advertising giant suspended its dividend for the first time, signaling severe financial distress.

Dentsu, Japan's largest advertising agency, has been grappling with a series of challenges in its overseas markets. The company's international business has struggled to adapt to changing market conditions and increased competition. These writedowns reflect the difficulties Dentsu faces in integrating and managing its global acquisitions.

The leadership change comes as Dentsu attempts to stabilize its operations and restore investor confidence. The suspension of dividends underscores the severity of the company's financial situation. This marks a significant shift for the advertising powerhouse, which has long been a dominant force in Japan's media landscape.