Resigns –Standard Group Limited SGL boss Orlando Lyomu has today, Wednesday June 28, resigned following intensified boardroom pressure.
The CEO who has been at the Mombasa Road-based media house took over the office from Sam Shollei five, years ago.
The CEO reached to this decision after pressure intensified in the boardroom over what was described as a financial crunch that has seen employees suffer for months without monthly salaries.
Another media source claimed that Lyomu had been left with no other option after a caretaker committee was introduced days ago.
Homenews.co.ke was told that, amid squabbles in the company’s top management, there is also a plan to scout for a sh 2 billion investor to resuscitate the station.
The same source explained that Mr. Lyomu was forced to quit after two major shareholders clashed over how the company can nomalise operations.
For instance, President Daniel Moi’s family and another wealthy investor could not agree on the right trajectory the company should take with Lyomu still at the top leadership position.
Some said the shareholders, for long, differed to agree on the performance of Lyomu since taking charge of the station, five years ago.
“On occasions when a scuffle ensued, they would convene and discuss strategy and agree on a plan. However, in this particular case, no one wanted to put their money in the business,” the source stated.
This exchange, therefore, plunged the company into a financial crisis that has since run into many months affecting its daily operations.
Before being elevated from being Group Finance Director, Lyomu acted as the CEO for some time until May 2018 when he was officially confirmed by the board.
He also worked in the oil sector before joining the media industry.
