Tough Task That Awaits Newly-Appointed Nation Media Group CEO

Nation Media Group on Monday, March 10, named Geoffrey Odundo, the former CEO of the Nairobi Securities Exchange (NSE), as its new Chief Executive Officer (CEO).

Odundo is set to take over the role at the Aga Khan-owned media company on April 7, 2025, after being appointed by the NMG Board of Directors.

 "On behalf of the Board, I am pleased to announce the appointment of Mr. Geoffrey Odundo as the Group Managing Director and Chief Executive Officer, effective 7th April 2025," a statement from the regional media house confirmed.

Odundo is an accomplished senior executive and a seasoned investment banker with vast experience in leadership. He served as the Chief Executive Officer of the Nairobi Securities Exchange (NSE) between 2015 and 2024, where he spearheaded various market innovations and achieved record-breaking milestones.

Geoffrey Odundo, the new Chief Executive Officer of Nation Media Group (NMG). /BUSINESS TIMES

Geoffrey joins NMG from CPF Group, where he is currently the Group Executive Advisor. He has previously held other senior executive positions, including being the first Managing Director and Chief Executive Officer of Kingdom Securities.

Odundo additionally holds an MBA degree in Strategic Management from the United States International University-Africa (USIU), a Bachelor of Arts degree in Mathematics and Economics from Egerton University, and several professional certifications.

"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.

"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," added the statement.

The financial expert will take over from interim CEO Richard Tobiko, who stepped into the role after former CEO Stephen Gitagama’s departure in July 2024. Gitagama became part of NMG in September 2007 as the Group Finance Director, a role he held until his promotion to Group CEO in June 2018.

What Awaits Geoffrey Odundo

Odundo, upon assuming office, faces the tough task of turning around the media house's financial fortunes. Since 2014, NMG's revenues have been on a decline, from Ksh13.4 billion at the time to Ksh7.1 billion in 2023. 

In October 2023, NMG issued a profit warning, anticipating a more than 25 per cent decline in full-year profits for the year ending December 2023. 

On August 18 of that year, NMG recorded a 98.8 per cent decline in net profit from Ksh247.8 million in the 2021/2022 financial year to Ksh2.9 million in 2022/2023, with the regional media house blaming this on the drastic rise in the cost of imported raw materials, particularly newsprint, and the depreciation of the Kenya Shilling against the US Dollar.

This, coupled with the mass resignation of board members, the exit of Gitagama and an unstable workforce, including mass layoffs, sparked a wave of uncertainty within the company. However, it is the large-scale exodus at the top echelon of the company, a rare event, which was likely to expose potential underlying issues within the organisation’s governance.

Amidst the challenges, NMG has responded through recent changes as it seeks to adapt to the ongoing digital transformation in the media industry.

Odundo will work alongside the group's Editor-in-Chief, Joe Ageyo, to drive the company toward financial growth. Among the recent additions to NMG’s team are veteran journalist Eric Latiff from Standard Group, Simaloi Dajom, and Janet Mbugua.

Former Nation Media Group CEO, Stephen Gitagama (left) and chief financial officer Richard Tobiko (right) who was interim CEO. /NATION MEDIA GROUP