KAMPALA- UGANDA/NEWSDAY: Professor Samuel Sejjaaka, the chairman Board of Directors Nation Media Group (NGM), the publishers of Daily monitor newspaper revealed that the search for the company’s Managing Director has kicked off after Tony Glencross tendered in his early retirement prayer and it was allowed.
In the Statement, Sejjaaka stated that effective from 31st December, 2023, Glencross will be officially retiring and as per now, the board is undertaking a competitive recruitment process to identify a suitable replacement.
South African born Glencross joined Monitor Publication in 2015 and has spearheaded its transformation into a multimedia company.
Highly placed sources at Nation Media blamed politics and the bad economy forced Glenscross, a former Commercial Officer at Vision Group, to retire.
A source said that the company has failed to recover from the economic shock that many companies are currently suffering from as a result of the Covid-19 long lockdowns and the Russia-Ukraine war.
The monitor paper circulation has since declined because the pockets of most readers are yawning due to the bad economy.
There is also the issue of bad politics. Insiders allege that Glencross has been working under pressure especially from top government officials who are always attacking the company for working against the government.
On several occasions, President Yoweri Kaguta Museveni declared Monitor a ‘bad paper’ to the extent of suing the publication over defamation.
In Monitor’s legal battle with Museveni, Justice Musa Ssekaana of the Civil Division of the High Court ordered them to pay Shs300m as damages to the President.
Museveni always alleges that Monitor publication is working for bad foreign agents.
A source at Monitor further revealed that the newspaper’s private advertisement has dropped yet government is also taking long to pay for their adverts.
Glencross’ early retirement comes days after New Vision Managing Director Don Wanyama warned the company’s current and prospective shareholders of an impending loss for the year 2022/2023.
Wanyama based his announcement on the “preliminary assessment” of the company’s performance by the Board of Directors, which is expected to return a loss for the year.
He explained that the company’s bad performance is as a result of the recent price hikes of inputs like; newsprint and other raw material inputs resulting from global supply chain disruptions.
He added that the company’s revenues are dominated by printing which accounts for almost half, followed by broadcasting (radio and television) outlets, commercial printing and others.
“The main contributor to this performance is the challenging business environment due to slow business recovery from the COVID-19 impact on newspaper sales and advertising revenue spent across the different platforms,” Wanyama stated.
Highly placed sources at both Monitor and New Vision say that plans are underway to cut on the number of and costs of operations.
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