Kagiso CEO steps down

Kagiso Media has announced that its chief executive officer (CEO) Murphy Morobe will be stepping down from the group.

Kagiso has the www.howzit.msn.com portal in its stable, along with several high profile radio titles including East Coast Radio, Jacaranda FM 94.2, and Kaya FM.

“Murphy Morobe will be stepping down as the chief executive officer (CEO) of Kagiso Media Limited. Mr. Morobe will work with the Board of directors (the Board) of the company to find a suitable successor and will continue to act in the capacity of CEO until no later than 30 June 2013 or the appointment of the successor,” Kagiso said in a statement.

“The Board thanks Mr. Morobe for his contribution over the six years of service he has given to the company and his guidance in creating a sound platform for the future growth of the company. The Board wishes him all the best for his future endeavours,” it said.

In September, Kagiso reported a 21.3% rise in revenue to R956.9 million for the year ended June 2012.

It noted a 11.45% fall in diluted headline earnings per share‚ to 135.3 cents.

Operating profit rose marginally to R258.6 million, from R252 million in 2011.

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Kagiso CEO steps down