Standard Group has appointed an acting chief executive officer, just a day after Sam Shollei resigned.
The board of directors has released a memo to its staff saying Mr Orlando Lyomu would, in the meantime, act as Group chief executive pending the appointment of a substantive CEO. Mr Lyomu is the Chief Operating Officer and Finance Director at Standard.
“The Board would like to thank Mr Shollei for his great efforts as GCEO since 20th September 2012 when he joined the Standard Group Plc and guided the Group through some very challenging times and putting the business into its current strong position,” said Mr Robin Wewell, the chairman of the Standard Group board.
RELATED: Was Sam Shollei forced to resign?
This brings to an end, Shollei’s dramatic stint at Standard, during which he launched Radio Maisha, Nairobian newspaper and KTN News. It also during his tenure that Standard’s circulation division, Publishers Distribution Services (PDS) went under. He reigned eight months into his three year term.
Insiders say the board is considering hiring Uchumi Supermarket CEO Julius Kipng’etich to take over from Shollei, hoping he can finally put the media house on a firm growth path. In line with stock market rules, the Standard also sent a communication to the NSE and Capital Markets Authority.
ANALYSIS: Sam Shollei may have dug his own grave
SEE BELOW MEMO
I am writing to you on behalf of the Board to notify you of the resignation of the Group Chief Executive Officer, Mr. Sam Shollei, who has resigned to pursue other interests.
This resignation is effective immediately and the Board has appointed Mr Orlando Lyomu as acting GCEO pending the appointment of a substantive GCEO.
The Board would like to thank Mr Shollei for his great efforts as GCEO since 20th September 2012 when he joined the Standard Group Plc and guided the Group through some very challenging times and putting the business into its current strong position.
We wish Mr Shollei every success in his future endeavors and express our full confidence that Mr Lyomu will provide the necessary guidance and stability for the Group pending the appointment of a substantive GCEO.
We are also confident that you will all give Mr Lyomu your full support in his new role.
CHAIRMAN OF THE BOARD
THE STANDARD GROUP PLC