Written By Lisa Murimi
Stephen Gitagama, CEO of Nation Media Group (NMG), East Africa’s largest media house, will step down at the end of July 2024.
This announcement comes alongside the resignation of 80% of NMG’s Board of Directors. Sources told that Gitagama is currently bidding farewell to employees at the Twin Towers.
Gitagama, who has led NMG for seven years, informed employees on Friday. “My tenure as CEO at NMG will come to an end by August 1st,” he stated. “I’m leaving behind a very strong team, and with the dedication you have, I believe you will go far.”
His departure follows a turbulent period for the company, marked by multiple rounds of layoffs. The most recent layoffs in May and June affected over 16 employees, the fifth wave since Gitagama succeeded former CEO Joe Muganda. These layoffs have raised concerns about the company’s stability during his tenure.
Nation Media Group did not immediately respond to requests for comment. However, sources confirmed that Gitagama is leaving and has started bidding farewell to his colleagues. The resignation came after an early morning board meeting, suggesting a sudden and possibly contentious decision.
Richard Tobiko, the current Chief Financial Officer, will step in as interim CEO, navigating NMG through this significant transition. Tobiko inherits a company facing a leadership vacuum and workforce unrest.
The mass resignation of board members adds another layer of complexity.This has sent shockwaves through the media industry, with many speculating on the future direction of NMG.
