Standard CEO meets former employees, addresses pay delays and recovery plan

A general view of Standard Group's converged newsroom. [File, Standard] The Standard Group management, led by Chief Executive Officer Marion Gathoga-Mwangi, today held a meeting with former employees to discuss shared concerns and issues of mutual interest. The meeting addressed the numerous challenges facing the company, including delays in payments owed to both current and former employees. Ms Gathoga-Mwangi emphasised her commitment to maintaining open communication with all stakeholders and tackling the challenges stemming from the company's difficult financial situation. She acknowledged that the Standard Group is grappling with industry-wide disruptions that have caused declining revenues and mounting debts, including significant amounts owed by major clients such as the government. "The Standard Group has been navigating through a difficult financial landscape for a while. Our commitment to settling dues for both former and current employees remains unwavering. However, several challenges have hampered our progress in this regard," she said. ALSO READ: New Standard Group CEO Marion Gathoga vows to revitalize company amidst challenges Gathoga-Mwangi revealed that the company has faced persistent financial hurdles over the past seven years. She noted that the company is owed billions of shillings, including Sh1.2 billion from the government, and highlighted ongoing efforts to recover these funds to meet its obligations. Despite operating in a tough economic environment, she reaffirmed the company's dedication to ensuring its survival and stability. Looking forward, she outlined a vision for recovery centred on digital transformation, product innovation, and revenue diversification. "We remain steadfast in our focus on digital transformation, product innovation, and revenue diversification to meet market demands. These efforts aim to drive steady revenue generation and ensure business sustainability," she said, adding that the financial strain, compounded by substantial debts, has impacted operations and staff remuneration. She also outlined measures to enhance efficiency and stabilize operations, including fundraising among shareholders and exploring innovative revenue sources. "Our team continues to produce competitive media content despite the harsh economic environment, a testament to their dedication and shared commitment to our goals," she noted. ALSO READ: Standard Group Board appoints Ms Gathoga-Mwangi as new CEO Ms Gathoga-Mwangi expressed regret over the challenges faced by staff and acknowledged the difficult decisions made to stabilize the business. "While we continuously strive to innovate and cater to the diverse needs of our clientele, we have unfortunately had to right-size our organization to stabilize our revenue base and optimize available resources," she stated. During the meeting, Gathoga-Mwangi reassured former employees of the company's commitment to settling outstanding dues, noting that recent delays were caused by unforeseen circumstances that disrupted prior payment plans. To address payment delays, both parties agreed to form a working group consisting of representatives from both sides. The seven-member team includes Nick Gekobe (Legal), Tom Japani (Radio), Christine Mucheke (Circulation), Jamleck Kuria (Courier), George Okoth (Print), Ben Omollo (Strategy), and Stephene Kahiga (Commercial). The team will act as liaisons between the company and former staff, ensuring transparency and open communication as they work toward resolving payment issues.

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Standard CEO meets former employees, addresses pay delays and recovery plan

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