The recent resignation of Standard Group Chief Finance Officer Wesley Kimosop is the latest signal of the painful reforms the company is willing to take to transform its fortunes. Kimosop resigned on 28th February 2025, according to Standard Group chairman Julius Kipngetich, to pursue his career ambitious elsewhere.
Coming hot on the heels of the exit of Editor in Chief, Mr Ochieng Rapuro, Kimosop’s resignation is being seen as part of the wider strategy by Standard Group CEO, Mrs Marion Mwangi, to reform the company and return it to a strong footing. “The Board takes this opportunity to appreciate Mr Kimosop for his service and wishes him well in his future endeavors,” said the Board Chairperson.
Kimosop, who joined the Standard Group on 1st August, 2023, and was appointed Chief Finance Officer in December 2023, sat at the nerve centre of the company’s financial operations. Standard group financial performance has not been pretty for the past several years, largely playing within the loss territory. It is hoped that changes at the finance department would engineer a fresh round of cost-saving and an expansion of revenue streams.
The Mombasa Road-based media giant has been plagued with financial difficulties, which has seen the exit of senior journalists and other staff members following months of unpaid salaries. The company owes employees millions in salary arrears some going back as far as six months.
> The Tough Task Ahead For Nation Media Newly Appointed CEO
In July 2024, as part of a reorganisation plan, the company announced the redundancy of over 300 employees. They were promised a one-year redundancy payment plan, with instalments scheduled for September, October, and November 2024. However, former employees have reported that they have not yet received any of the promised payments.
In August 2024, the Standard Group appointed Marion Mwangi CEO, replacing Joe Munene who had held the position in acting capacity after the exit of Orlando Lyomu.
Ms Mwangi is tasked with cleaning house at Standard Group and returning the company to healthy financial form, quite a challenge in the current media environment where digital platforms have forced themselves onto the mainstream advertising lunch table. She expected to see off more senior managers to create a favourable environment for take-off.
> Why KCB Group Investors Are All Smiling to the Bank
Leave a comment