By STANDARD REPORTER
“The Board of the Standard Group regrets to announce that it has Friday received notification of a decision by Paul Melly, the deputy Chairman and Chief Executive to leave the business within the next six months in accordance with the terms of his engagement in order to pursue other interests,” read a statement signed by board chairman Robin Sewell Friday.
It added: “The board of directors will now begin in earnest the process of appointing a new chief executive in order to ensure a seamless transition of management and meet continued strategic growth agenda of business.”
Melly has been with the business for the last seven and a half years having joined the Board in December 2004.
Over the years, Melly has overseen the turnaround of the country’s oldest media house. This is exemplified by impressive financial results last year, which saw the print business post a pretax profit of Sh446 million.
In clear indications that the transformation strategy, which began in 2004 was bearing fruits, the Group's turnover hit the Sh3 billion threshold for the first time in the history of the company.
This change in fortunes is largely attributed to continued improvement in internal efficiencies and growth in circulation- that has doubled- and advertising revenues in print, broadcast and online business.
It was supported by major expansion and investment programmes aimed at building critical pillars in infrastructure in the print and broadcast business.
Among the landmark investments is the Sh1.2 billion customised modern production solution and head office complex — The Standard Group Centre- along Mombasa Road. The investment has consolidated all operations of the media house.
The Group’s investment in TV broadcast saw the acquisition of cutting-edge broadcast technology with respect to a virtual studio and Satellite Mobile News Gathering facilities to embolden the market leadership of the KTN brand.
Others are the Standard Digital platform, which was enhanced into a one-stop destination that offers users all the latest news, features and analysis from KTN, Radio Maisha, and the group’s newspapers, The Standard, The Standard on Saturday, The Standard on Sunday and The County Weekly.