This unexpected announcement comes with the revelation that 80 per cent of the NMG Board of Directors will also be resigning.
Sources have revealed that the CEO is currently biding farewell to employees at the twin towers.
Gitagama, who has helmed NMG for seven years, conveyed the news to employees on Friday.
“My tenure as CEO at NMG will come to an end by August 1st,” he stated.
“I’m leaving behind a very strong team, and with the dedication you have, I believe you will go far.”
The departure of Gitagama follows the company’s turbulent period marked by multiple rounds of layoffs.
The most recent layoffs in May and June affected over 16 employees, making it the fifth wave of job cuts since Gitagama succeeded former CEO Joe Muganda.
This series of layoffs has cast a shadow over Gitagama’s tenure, raising concerns about the company’s stability.
Nation Media Group did not immediately respond to requests for comments regarding these developments.
However, sources within the company have confirmed that Gitagama is indeed leaving and has started bidding farewell to his colleagues.
The resignation, according to insiders, came after an early morning board meeting, suggesting a sudden and possibly contentious decision.
Richard Tobiko, the current Chief Financial Officer, will step in as interim CEO, navigating NMG through this period of significant transition.
Tobiko’s task will not be an easy one, as he inherits a company in the midst of a leadership vacuum and workforce unrest.
The mass resignation of board members adds another layer of complexity to the situation.
Such a large-scale exodus at the top echelon of the company is rare and indicates potential underlying issues within the organisation’s governance.
This upheaval has sent shockwaves through the media industry, with many speculating on the future direction of NMG.
Add Comment