- Standard Group Limited (SGL) CEO Orlando Lyomu is set to exit the embattled media company on Friday after he finishes serving his one-month notice of resignation.
A Transformation Committee headed by Non-Executive Director Thomas Omondi is leading efforts to breathe life back into SGL.
Standard Group Limited (SGL) CEO Orlando Lyomu is set to exit the embattled media company on Friday after he finishes serving his one-month-long notice of resignation.
Lyomu, who was appointed as CEO on May 25, 2018, was forced to tender his resignation from the Mombasa Road-based media firm after he fell out with the main shareholders, billionaires Gideon Moi and Joshua Kulei.
Majority of the SGL board members, who are said to have been allied to the disgraced Lyomu, are reported to be also on their way out as the company seeks to bounce back.
A number of sources within the media house have intimated to Swala Nyeti that numerous frantic attempts by Lyomu to meet Moi and Kulei to plead for lenience case came a cropper.
“The owners of Standard Group are blaming him for the fall of the one high-flying media house. He even tried using some directors to try and access Moi and Kulei, they refused,” the source, who did not want to be named in this story, told our reporter.
The outgoing CEO was even left out of a crucial meeting between some of the directors and SGL shareholders to chat the way forward vividly showing him his goose was well cooked.
Our sources have also informed us that Commercial Director Irene Kimani is on terminal leave and might be among those brought in by Lyomu who might also be on their way out.
Dr Diana Wangari, The Standard newspaper Health and Environment Editor who has only been at the media house for six months, is also reported to have tendered he resignation.
A Transformation Committee that is leading efforts to breathe life back into SGL rejected a bid by Financial Controller Catherine Ndungu to proceed on a six-month unpaid leave.
The Committee headed by Non-Executive Director Thomas Omondi is said to be giving the morose SGL employees, who are owed salaries dating back to February, some ray of hope.
The Omondi team, according to sources close to the happenings, is seemingly determined to unearth all financial scandals that rocked the media house almost bringing it to its knees.
Already, Gideon Moi’s son, Kigen Moi, and Joshua Kulei’s son, Christopher Kulei, are rumored to be set to join the Standard Group board as directors to oversee key changes.
Christopher Kulei was appointed as a Non-Executive Director at Standard Group with effect from July 14, 2020.
Standard is also said to have started paying employees at least 50 per cent of their salaries after it was slashed radically to 30 per cent due to the financial turmoil that started in 2022.
Our sources inside Standard Group offices reliably informed Swala Nyeti that the principal shareholders are promising to inject revival money into the company from next week.