Chairperson of DAAR Communications, Mr Raymond Dokpesi Jnr, has offered an explanation of the recent management changes at the company.
The shake-up, which has seen the departure of several serving directors, was said to be part of a broader strategy to align with regulatory requirements and ensure the company’s future growth.
In a recent memo, DAAR Communications Plc, the parent company of Raypower FM, AIT, and Faaji FM, confirmed the departure of key personnel, including Tony Akiotu, Oluwatosin Dokpesi, Ambrose Somide, Anthony Uyah, Paulyn Ugbodagha, and Mary Lawrence-Dokpesi.
Additional executives affected by the change include Faith Ikems, Imoni Amarere, John Iwarue, and Johnson Onime. These retirements are set to take effect on October 31, 2024.
In a statement, Mr. Dokpesi stressed that the decision was not based on personal preferences.
He clarified, “This isn’t a matter of personal choice. If it were, I would prefer to continue benefiting from the experience and expertise of our management team for a longer period.”
He further explained that, as a publicly traded company on the Nigerian Stock Exchange, DAAR Communications is obligated to adhere to regulations established by the Securities and Exchange Commission and the corporate governance code.
These guidelines limit directors to a maximum of two five-year terms, a rule that underpins the recent changes.
“Our duty to our shareholders goes beyond individual opinions or desires,” he added.
He also acknowledged that many of the retiring directors have been with the company since its inception, with some having served for up to 27 years.
According to him, their retirement had been anticipated for several years, stating, “This decision should have been implemented five, six, or even seven years ago.”