Marion Gathoga Mwangi is set to leave the Standard Media Group where she has been serving as the Group chief executive officer. She will quit her role as Standard Media Group CEO less than one year since she took over. She had been appointed to the role effective from August 1, 2024, succeeding Joe Munene, who had been holding the position in an acting capacity since July 6, 2023.
According to reports, Ms Gathoga announced her departure through the internal Standard Media Group newsletter. In the newsletter, she cited personal circumstances as the reason why she will be quitting, and stated that the newsletter was most likely her last dispatch to employees.
“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,” she said.
“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.”
Her departure from the financially troubled media house comes in the wake of its financial results for the full year ended December 31, 2024, in which the company announced that it had made a loss of Sh1.1 billion.
This loss came in a financial year that saw the troubled media house record a revenue decline of up to 22.6 percent to Sh1.8 million.
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In the same year, the company’s total assets went down by 6.4 percent to Sh3.8 billion. The media house attributed the decline in revenue on reduced government spending and low advertisement business from corporate customers.
“The Group experienced a 23 percent decline in revenue compared to the previous year, largely due to decreased activity from advertising and partnership clients as well as government contracts. Many companies, grappling with tough economic conditions, have reduced their marketing budgets to allocate resources to more critical operational needs, directly affecting our revenue,” the company said.
“Reduced audience engagement with legacy media platforms in 2024 further intensified these challenges. Government debt exceeding seven years has also hindered business operations, complicating efforts to adapt to changing market demands.”
