The recent retirement of 10 executive management team members from DAAR Communications Plc was long overdue, according to Chairman Raymond Dokpesi Jr. In a statement to the Nigerian Exchange Limited, the company announced the retirements, effective October 31, 2024.
Dokpesi Jr explained that as a publicly listed company, DAAR Communications must adhere to Securities and Exchange Commission rules and the code of corporate governance. He noted that the retiring management members had served beyond the recommended two terms of five years each, with some having been with the organization for 27 years.
The chairman acknowledged that the timing of the changes was opportune, given the company’s current challenges, including eroded shareholder capital and liquidity issues. He emphasized the need to proactively address these issues, explore opportunities for raising capital, and identify talent with a track record of success to drive the company’s new strategy.
Dokpesi Jr expressed gratitude to the retiring management staff and stated that the board is working on a major restructuring of the company’s leadership. He also discussed the company’s future, including plans to return to profitability, adapt to changing technologies, and maintain its position as a pioneering private broadcast organization in Nigeria.
