Long-serving Nation Media Group (NMG) chairman Dr Wilfred Kiboro is set to retire at the end of this month after three decades of leadership at the company.
In a leadership transition, Joseph Muganda – a former chief executive of NMG – has been appointed as the new chairman of the Board of Directors, effective during the Annual General Meeting slated for June 27, 2025.
Mr Muganda has over 30 years of experience working with big companies in Africa and the UK. He joined the Nation Media Group Board on November 1, 2024, and was the Group CEO from 2015 to 2018.
His past leadership roles include CEO positions at VIVO Energy Kenya, Kenya Breweries Limited, and British American Tobacco.
He currently chairs the board of Stanbic Bank Kenya.
Dr Kiboro’s time at NMG began in 1993 as Managing Director of the Nation Newspapers Division. He became Group CEO in 1995 and was appointed Chairman in 2009.
During his leadership, NMG expanded from focusing mainly on print to becoming a diversified media group with a strong presence in digital and broadcasting across the region.
The Board and staff have expressed deep gratitude for his “long and dedicated service” and wished him well in retirement.
The leadership change comes at a challenging time for NMG. The company posted a net loss of Sh254.4 million in 2024— its second year in a row of losses.
Annual turnover fell 12.5 per cent to Sh6.23 billion, hit by inflation, weak consumer spending, and dwindling advertising revenues.
Although cost-cutting measures curbed operating expenses, a restructuring charge of Sh157.8 million added to financial pressure. As a result, no dividend was declared.
