Nation Media Group has appointed a new chief executive officer after seven-month search. Mr Geoffrey Odundo, the former CEO of the Nairobi Securities Exchange, takes over the helm at NMG at a time when the leading media house is going through lean times as media consumption trends shift.
“The Board of Directors of Nation Media Group Plc is pleased to announce the appointment of Mr. Geoffrey Odundo as the Group Managing Director and Chief Executive Officer, effective 7th April 2025,” NMG board chairman, Dr Wilfred Kiboro, said in a statement.
Mr Odundo, currently Executive Advisor at CPF Group, takes over from NMG Chief Finance Officer, Mr Richard Tobiko, who has been interim CEO since 1st August 1 2024 when Mr Stephen Gitagama retired after working for the media house for 17 years, six of them as CEO.
Dr Kiboro said Odundo is an accomplished senior executive and seasoned investment banker with vast experience in leadership, including serving in the position of Chief Executive Officer of the Nairobi Securities Exchange (NSE), where he spearheaded various market innovations and achieved record breaking milestones during his tenure between 2015 and 2024.
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Mr Odundo was previously Managing Director of Kingdom Securities, where he was the first Chief Executive Officer. He holds an MBA degree in Strategic Management from the United States International University, a Bachelor of Arts degree in Mathematics and Economics from Egerton University, and several professional certifications.
Mr Odundo will be closely watched as he tries to steer NMG back into profitability after several years of decline in earnings. Nation Media Group, Kenya’s largest listed media house, reported a loss of Ksh572.2 million for the first six months of 2024, up from a meagre Ksh2.9 million the same period in 2023. The media house attributed its dismal performance to a depressed macro-economic environment, weakened consumer spending, and declining revenues in its print business sector.
The situation has not changed much. If anything, the economic fundamentals are getting even more slippery for traditional media houses like NMG, which are struggling to grow profits. Mr Odundo will also be hoping to reap from a restructuring that significantly cut its payroll, in an effort to reduce cost of doing business. It will be a delicate balancing act for Odundo: growing revenues with a leaner staff in a market where competition for advertising has become vicious.
Dr Kiboro said the board is counting on staff support to help welcome him to the NMG family. “I am confident that I can count on you to extend your customary welcome and support to Geoffrey as he joins NMG to strengthen our team in our continuing endeavor to deliver our mandate to the societies we serve,” Kiboro said. “I also wish to thank you most sincerely for the cooperation you have accorded Mr Richard Tobiko over the period he has very ably held fort as the interim group CEO.”
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