06 Sep 2024
Media24 CEO Ishmet Davidson retires
Media24 announced today (5 September 2024) that Ishmet Davidson will retire as group CEO and step down as a board member, effective 9 September 2024. He will be succeeded by Raj Lalbahadur, currently the group CFO, as interim CEO.
Ishmet will remain involved in the company in an advisory capacity.
Ishmet was appointed CEO of Media24 in October 2018, crowning a career in media and publishing spanning nearly 30 years. He joined the publisher in 2012 as head of community newspapers. He became the head of its news division in 2014, after which the media distribution company On the Dot and Media24’s magazine division were added to his responsibilities as the company’s first CEO: Print Media.
Says Ishmet: "Although I look forward to my retirement, I’m sad to be leaving Media24. The company has always been at the vanguard of exceptional journalism as well as business and media innovation, and able to adapt timeously to the ever-evolving media landscape. This was made possible by the guidance and support of the board of directors and our chair, prof Rachel Jafta, for which I thank them with much appreciation.
“As Media24 enters the next phase of its digital transformation, I take great comfort that the business is in safe hands with Raj at the helm, supported by an exceptional management team.”
During his tenure as CEO, Ishmet has returned the company to financial stability while also steering the ship through very choppy waters, said prof Jafta. “Some of the highlights include his outstanding leadership and management of the business during the Covid-19 pandemic, his commitment to establishing a sustainable business model for quality journalism in a digital landscape, and leading the charge against the devastating and unscrupulous onslaught of Big Tech on the very core of news publishers.
“The board thanks Ishmet for his valuable and compassionate leadership at Media24 over the years. He was dedicated to diversity and creating opportunities for developing potential, as well as implementing sound business solutions to protect the longevity of our news operations and the valuable role they play in our democracy.”
Raj Lalbahadur joined Media24 in 2007 as CFO for Educor after holding positions in, among others, the petroleum and paper-manufacturing industries and SARS. He was appointed CFO of Media24 Lifestyle (magazine) division in 2009, acted as Media24’s CFO in 2015 and was appointed as general manager of Lifestyle in 2017. Raj was appointed as Media24’s group CFO and director responsible for the finance function in 2023.
Says Raj: “I am humbled and honoured by the board’s confidence in me. We find ourselves on the cusp of major transformation – not only for Media24, but the industry at large. However, Ishmet’s legacy is leaving us with a strong foundation for the next chapter. With the support of our outstanding people and equally excellent leadership team, I look forward to an exciting future in this ever-changing landscape.”
About Naspers:
Established in 1915, Naspers has transformed itself to become a global consumer internet company and one of the largest technology investors in the world. Through Prosus, the group operates and invests globally in markets with long-term growth potential, building leading consumer internet companies that empower people and enrich communities. Prosus has its primary listing on Euronext Amsterdam, and a secondary listing on the Johannesburg Stock Exchange and Naspers is the majority owner of Prosus.
In South Africa, Naspers is one of the foremost investors in the technology sector and is committed to building its internet and ecommerce companies. These include Takealot, Mr D Food, Superbalist, AutoTrader, Property24 and PayU, in addition to Media24, South Africa’s leading print and digital media business.
Naspers has a primary listing on the Johannesburg Stock Exchange (NPN.SJ), a secondary listing on the A2X Exchange (NPN.AJ) in South Africa, and has a level 1 American Depository Receipt (ADR) programme which trades on an over-the-counter basis in the United States of America.
For more information, please visit www.naspers.com.
About the Mapungubwe Institute for Strategic Reflection (MISTRA):
Since its inception in 2010, the Mapungubwe Institute for Strategic Reflection (MISTRA) has assumed a leading position in long-term, strategic and transdisciplinary research through generating research and creating platforms for engagement. Our research, policy debates, convening power and scenario planning expertise have assisted in finding lasting and effective solutions to the challenges South Africa is facing.
MISTRA deliberates on socio-economic issues that have both a local impact and a global resonance. The Institute is founded by a group of researchers, academics, policy-makers and former governance practitioners.
MISTRA carries out research that addresses the country’s complex challenges, straddling issues of nation-formation, economic growth, social equity and South Africa’s global positioning. The research is conducted through a process of engagement and facilitation, drawing on the wide range of available expertise in the country and globally.
For more information, please visit www.mistra.org.za