Nation Media Group Announces Massive Resignations As Board Changes On The Horizon
Stephen Gitagama, the CEO of Nation Media Group (NMG), East Africa’s largest media company, will step down at the end of July 2024.
This unexpected announcement coincides with the revelation that 80% of the NMG Board of Directors will resign. According to sources, the CEO is currently bidding farewell to employees at the Twin Towers.
Gitagama, who has led NMG for seven years, announced the news to employees on Friday.
🚨BREAKING:
— Stock Market (@StocksMarket_ke) July 19, 2024
Nation Media Group CEO and Board Resign
CEO Stephen Gitagama and 80% of the board of Nation Media Group (NMG) will resign on August 1, 2024.
CFO Richard Tobiko will become interim CEO, addressing leadership and workforce issues.$NMG https://t.co/hwaGJcbZvc pic.twitter.com/B7dTlWx2gM
“My tenure as CEO at NMG will come to an end by August 1st,” he stated. “I’m leaving behind a very strong team, and with the dedication you have, I believe you will go far.”
Gitagama’s departure comes after a turbulent period for the company, which included multiple rounds of layoffs.
The most recent layoffs in May and June affected more than 16 employees, marking the fifth wave of job cuts since Gitagama succeeded former CEO Joe Muganda.
This round of layoffs has cast a pall over Gitagama’s tenure, raising concerns about the company’s viability.
Kiboro
Nation Media Group did not immediately respond to requests for comment on these developments.
However, sources within the company have confirmed that Gitagama is leaving and has begun saying goodbye to his colleagues.
According to insiders, the resignation occurred following an early morning board meeting, implying a sudden and potentially contentious decision.
Richard Tobiko, NMG’s current Chief Financial Officer, will serve as interim CEO during this period of significant transition.
Tobiko’s task will not be easy, as he inherits a company in the midst of a leadership vacuum and employee unrest.
The mass resignation of board members complicates the situation.
A large-scale exodus at the top echelon of a company is unusual and may indicate underlying issues with the organization’s governance.
This upheaval has sent shockwaves through the media industry, prompting many to speculate on NMG’s future direction.
Nation Media Group Announces Massive Resignations As Board Changes On The Horizon
