Standard Group Reportedly Fires CEO Sam Shollei, Half Year Earnings Rise 7%

The Standard Group (Stock SGL), which runs the The Standard newspaper, KTN TV stations, Radio Maisha and a number of other media platforms has reportedly fired its Chief executive Sam Shollei.

The Nairobi Securities exchange listed firm sent Mr Shollei after a “fallout with some key people in the company’s board” according to Business Today.  In October last year, the company’s board retained Mr Shollei for a further three years.

Mr Shollei’s “exit” comes just a day after the company released its Half year 2017 financial statements, reporting a 10% increase in top-line revenues to Sh 2.44 Billion while profit after tax rose by 6.55% to Sh 34.3 Million.

All business segments except print advertising reported revenue growth, with Radio and TV recording an impressive 58% and 33% respectively against the same period in 2016. Revenue from print segment of the business fell by 4% attributable to an 8% decline in advertisement revenue while copy sales revenue increased by 3%,” the company said in a statement.