The Standard Group has found itself yet again in the unenviable position of finding a new boss after its CEO announced she is leaving. Ms Marion Gathoga-Mwangi has stepped down barely a year after joining the Standard Group in a widely publicised transition from an acting CEO.
Ms Gathoga, who was appointed in July 2024 to replace Joe Munene, said her exit has been inspired by personal circumstances. It is not lost on observers, however, that The Standard Group CEO position has become a chilly one, especially given the company’s fortunes have been dwindling due to growing debt.
The CEO’s exit comes barely a week after the company released its financial results for 2024, which indicated its loss remained above the Ksh1 billion mark. Any CEO worth his or her salt would be uncomfortable with such a situation at a time when there isn’t so much light at the end of the tunnel.
“To everything, however, there is a season, and a time for every purpose under the heavens. In this respect, therefore, personal circumstances that I cannot overlook have informed my decision on my future with the company,” Ms gathoga said in her communication. “Although I have not yet left, the transition has begun, and this may be the last newsletter I write to you. As I take this step, I ask for your prayers and well wishes.”
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It is not clear whether Ms Gathoga is bolting out after seeing the bad situation at Standard or whether her sudden exit results from a fallout with the board, led by Dr Julius Kipngetich. It should noted, too, that Ms gathoga was in October last year appointed an independent director of Absa Bank Kenya, indicating she could have been snapped up by another company.
In the newsletter, Ms Gathoga-Mwangi thanked the board and employees at Standard Group for granting her support during her tenure, especially over the last couple of months. “Over the past two months, I have found myself at a significant crossroads, one that has reminded me of the power of community, the importance of staying anchored in our values, and the role each of us plays in shaping the future of Standard Group PLC.”
She highlighted several achievements made during her tenure, including completing the company’s strategic plan to move to a ‘business unusual’ mode for long-term sustainability and shepherding the rights issue.
Other wins include reducing operational costs, introducing the Continuous Improvement (CI) matrix, and, most importantly, solidifying a leadership team, led by Chaacha Mwita, that will safeguard the group’s mission with clarity and purpose.
Before joining Standard Group, she had served in various executive roles at The Linde Group PLC companies, such as African Oxygen Pty (AFROX) and BOC Kenya PLC, with her most notable contributions including enhancing access to medical gases across Africa and managing bulk and onsite manufacturing operations in South Africa.
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