Nation Media Group has pushed out its CEO, Mr Stephen Gitagama, as the company struggles to keep pace with changing media trends. Mr Gitagama’s exit from NMG on 1st August 2024, has been on the cards for the past few months since principal shareholder Aga Khan’s daughter toured Kenya and reportedly earmarked Nation Media Group for a management shakeup.
“I’m leaving behind a very strong team, and with the dedication you have, I believe you will go far,” Mr Gitagama told NMG staff yesterday at an inhouse meeting held at Nation Centre. “I want to thank the entire staff and board members for the support you have accorded me over the years we have worked together.”
That the CEO was forced to announce his own exit was a desperate face-saving measure for NMG which has been in the news lately for all the bad things: retrenchment of staff and losses. Recently the company parted ways with a good number of high-ranking employees after announcing a full year net loss of Ksh205.7 million for the period ended December 2023.
Mr Gitagama will be replaced by Richard Tobiko, the Chief Financial Officer in acting capacity. Mr Gitagama joined NMG in September 2007 as Group Finance Director, rising to CEO in June 2018. He has also served as an Executive Member of the Board since March 2008.
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Mr Gitagama led NMG during its most turbulent times, hitting a low when it announced a loss last year. His tenure has been punctuated with annual staff layoffs as he sort to contain costs and grow the company’s bottomline.
NMG board will be keen to pick a turnaround CEO, possibly from outside Nation Centre, given the not-so-impressive show by Mr Gitagama, who was elevated to the position of CEO from the finance docket, after the exit of Joe Muganda.
“NMG thanks Gitagama for his dedication,” NMG 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.”
At the staff meeting, NMG chairman Dr Wilfred Kiboro pointed at an overhaul of Nation management, hinting that majority of the board members would exit by year end to pave way for new thinking at the region’s largest media house. Nation is considered to have the oldest board on the NSE, with the average age of its members well above 70 years.
The new board will need to have flexible minds to give Nation the agility required to navigate the current fast-paced world of information technology.
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