Ishmet Davidson (left) will retire as group CEO of Media 24. He will be succeeded by Raj Lalbahadur, currently the group CFO, as interim CEO. Picture: Media24
Media24 announced on Thursday that Ishmet Davidson will retire as group CEO and step down from the board on 9 September 2024. He will be succeeded by Raj Lalbahadur, the current group CFO, who will serve as interim CEO. Ishmet will remain connected to the company in an advisory role.
Ishmet’s journey at Media24 began in 2012 when he was appointed head of community newspapers. He later took charge of the news division in 2014. This was followed by additional responsibilities over On the Dot and Media24’s magazine division.
He was named the company’s first CEO of Print Media before stepping into the group CEO role in October 2018, capping a media and publishing career that spans nearly 30 years.
Reflecting on his retirement, Ishmet shared: “While I’m looking forward to my next chapter, leaving Media24 is bittersweet. The company has consistently led in delivering outstanding journalism and embracing business and media innovation. I’m incredibly grateful for the guidance of the board and our chair, Professor Rachel Jafta.
“As Media24 enters the next phase of its digital transformation, I feel reassured that the company will thrive under Raj’s leadership and our talented management team.”
Professor Jafta praised Ishmet’s tenure, emphasizing his role in steering the company through significant challenges, particularly during the Covid pandemic. She noted his efforts to create a sustainable business model for quality journalism in a digital world, and his strong stance against Big Tech’s impact on news publishers.
“The board is deeply grateful for Ishmet’s compassionate leadership,” said Professor Jafta. “He championed diversity, nurtured potential, and implemented robust solutions. This ensured the longevity of our news operations, which are vital to our democracy.”
Raj Lalbahadur, who has been with Media24 since 2007, will now take on the role of interim CEO. His career at the company has spanned positions including CFO of Educor and Media24 Lifestyle, general manager of Lifestyle, and group CFO since 2023.
“I am deeply honoured by the board’s trust,” said Raj. “We’re at a pivotal moment of transformation, not only for Media24 but the entire industry. Ishmet leaves behind a strong foundation, and with the support of our exceptional team, I’m excited to navigate the future.”
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