The Standard Group PLC (SG) has announced the appointment of a new independent non-executive director.
In a notice on Tuesday, September 3, SG Secretary Victoria Cherotich announced the appointment of Dr. Michael Lusiola as the new director.
“The Board of Directors is pleased to announce the appointment of Dr. Michael Lusiola as an Independent Non-Executive Director of the Standard Group Plc with effect from 2nd September 2024,” the notice read in part.
The Board explained that Dr. Lusiola will bring to the SG extensive global business and leadership experience as well as best practice around process improvement.
He is the current Chief Executive Officer and Director-General of the Kenya BioVax Institute since 2022.
According to the Board, his leadership extends to corporate strategy formulation, team management, board matters, and external stakeholder engagement.
The Board said Dr. Lusiola’s experience also spans clinical pharmacy, with a focus on medicines information, clinical trials, and intensive care during his tenure at the Royal Liverpool NHS Trust in the UK.
Education & Professional Organizations
Dr. Lusiola holds qualifications from prestigious institutions such as Harvard, the University of Reading, and the University of Nairobi.
He is also an active member of several professional organizations, including the Royal Society of Medicine and the Project Management Institute.
“The Board is confident that Dr. Lusiola’s experience will be invaluable to the Group’s continued success and takes this opportunity to welcome and congratulate him on his appointment,” read another part of the notice.
Further, the Board said the announcement has been issued approved by the Capital Markets Authority pursuant to the Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023.
Also Read: Standard Group Records Ksh200M Loss Amid Mass Firings
Standard Group Firings & Station Shutdown
Standard Group has been facing financial struggles which has led to mass firings and the closure of some of the Group’s television and radio stations.
On July 30, SG announced plans to fire more than 300 employees as it struggles to remain afloat.
The Board issued a notice of intention to declare redundancy as stipulated in section 40 (1) of the Employment Act, 2007.
According to the Board, the decision was as a result of harsh economic environment and advancement in technology which has changed trends in the media industry and among the audience.
The Group later shut down several TV stations including KTN News, KTN Farmers and KTN Burudani among others.
The Stations went off air and have now been merged with KTN Home, which aired entertainment and lifestyle content.
Also Read: Standard Group Issues Warning on EPL Matches
SG Ksh200 million Loss
The Company recorded a Ksh200 million loss for the six-month period ending 30 June 2024.
SG Board said the Ksh200 million loss before tax was occasioned by the decrease in its total revenue by 16.8%.
The Group’s total revenue decreased to Ksh1.049 billion from Ksh1.260 billion in the previous 6-month period.
Follow our WhatsApp Channel for real-time news updates!
https://whatsapp.com/channel/0029VaB3k54HltYFiQ1f2i2C
