Standard Group CEO Orlando Lyomu Pushed Out
Standard Group Chief Executive Officer (CEO) Orlando Lyomu has been forced to resign after working for five years at the media house.
According to sources, the CEO is currently serving notice and is expected to leave the cash-strapped media house any time from now.
Lyomu’s exit follows a series of boardroom wars that have seen the board bring in a caretaker committee to take over the financial obligations of the company.
The Standard Group houses KTN Home, KTN News, Radio Maisha, The Standard Newspaper, The Nairobian (a weekly tabloid) and newly launched Vybez Radio, Spice FM, KTN Burudani and KTN Farmers.
Lyomu was appointed as Standard Group’s CEO on May 25, 2018, replacing Sam Shollei who had tendered his resignation in September 2017.
Lyomu was the Group’s Finance Director and Chief Operating Officer before taking over as the boss.
Standard Group cut its loss before tax to Ksh22 million for year ended 31st December 2021 compared to a loss before tax of Ksh434.4m over a similar period in 2020, an improvement of 95%. After taxation, however, the loss increased to Ksh73.1 million, down from the previous year’s net loss of Ksh301.6 million.
The Group’s revenue increased to Ksh3.1 billion in 2021 from Ksh2.9 billion in 2020 while total operation costs declined from Ksh3.3 billion in 2020 to Ksh3.1 billion in 2021.