Stephen Gitagama, the Chief Executive Officer of Nation Media Group (NMG), East Africa’s largest media house, is stepping down at the end of July 2024.
This unexpected announcement comes with the revelation that 80 per cent of the NMG Board of Directors will also be resigning. Sources have revealed to Kenyans.co.ke that the CEO is currently biding farewell to employees at the twin towers.
Gitagama, who has helmed NMG for seven years, conveyed the news to employees on Friday. "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."
On Friday, Nation Media Group (NMG) confirmed that Stephen Gitagama will retire as Group Chief Executive Officer and Executive Director effective 1 August 2024.
Gitagama joined NMG in September 2007 as Group Finance Director, later rising to CEO in June 2018. He has also served as an Executive Member of the Board since March 2008.
“NMG thanks Gitagama for his dedication,” the group stated. “He has expertly guided us through a challenging era marked by digital transformation, implementing crucial changes to secure our position in the evolving media landscape.”
The notice highlighted Gitagama's role in steering NMG through organisational shifts, including news integration and digital strategy advancements. “His leadership has been vital in aligning our talent and performance management with our digital objectives,” the group added.
The departure of Gitagama follows the company's turbulent period marked by multiple rounds of layoffs. The most recent layoffs in May and June affected over 16 employees, making it the fifth wave of job cuts since Gitagama succeeded former CEO Joe Muganda.
This series of layoffs has cast a shadow over Gitagama’s tenure, raising concerns about the company’s stability.
However, sources within the company have confirmed that Gitagama is indeed leaving and has started bidding farewell to his colleagues.
The resignation, according to insiders, came after an early morning board meeting, suggesting a sudden and possibly contentious decision.
Kenyans.co.ke understands Richard Tobiko, the current Chief Financial Officer, will step in as interim CEO, navigating NMG through this period of significant transition. Tobiko’s task will not be an easy one, as he inherits a company in the midst of a leadership vacuum and workforce unrest.
The mass resignation of board members adds another layer of complexity to the situation. Such a large-scale exodus at the top echelon of the company is rare and indicates potential underlying issues within the organisation’s governance.
This upheaval has sent shockwaves through the media industry, with many speculating on the future direction of NMG.
