Media24 CEO Ishmet Davidson retires, Raj Lalbahadur, current group CFO, appointed interim CEO

Ishmet Davidson is retiring as Media 24 group CEO and will also step down as a board member (Image supplied)

Davidson will also step down as a board member, effective 9 September 2024, but will remain involved in the company in an advisory capacity.

Next phase of digital transformation

Davidson 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.

Davidson says that although he looks forward to his retirement, he is 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 Lalbahadur at the helm, supported by an exceptional management team.”

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Choppy waters

During his tenure as CEO, Davidson returned the company to financial stability while also steering the ship through very choppy waters says 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.

“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, currently the group CFO, has been appointed as interim CEO (Image supplied)

On the cusp of major transformation

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.

Lalbahadur was appointed Media24’s group CFO and director responsible for the finance function in 2023.

Says Lalbahadur, “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, Davidson’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.”