Gtext Holdings gets 7 CEOs as founder steps down as Group CEO

The founder of Gtext Holdings, an industrial conglomerate, Dr. Stephen Akintayo, has stepped down as the Group Chief Executive Officer (CEO) of the company.

Akintayo announced the development while addressing journalists on Saturday, November 18, 2023, in Lagos.

In a bid to manage the company efficiently, he said the company's affairs have been handed over to seven newly appointed CEOs to oversee its subsidiaries.

Explaining why he stepped down as the Group CEO, Akintayo said, the company saw the need to bring in someone who understands institutional funding at a global level.

“I decided to step down from Group CEO because what we need at this phase is institutional funding and that’s not my forte. So there was a need to bring someone with that kind of institutional funding at a global level because now, it’s no longer a Nigerian company. In Dubai we control over 100 houses, we’re in the UK, we’re in the US. So, we needed somebody who understands that part. What we know is, we know how to buy, and sell, we know how to come up with great ideas and we build a whole vision, and even as the Chairman, I’m still able to oversee vision and strategy for the company,” he said.

He explained further that some of the CEOs started with the company as interns, who have been prepared to lead the subsidiaries through mentoring programmes.

Akintayo enjoined business founders to elevate the career and status of their subordinates, saying they don’t need to get old and frail before entrusting businesses to their mentees.

“You will be glad to know that some of the CEOs started with us as interns and they rose to become CEOs. So, if you don’t start giving people you have mentored the opportunity to even try to run the business, is it when you are old and frail that you would do that? I encourage more founders to do that, as a founder, you don’t need to remain CEO forever, and you don’t need to wait till you’re the richest. Bill Gates did not wait till he was aged before he handed over Microsoft,” he submitted.

Asked why the new heads of businesses were designated as CEOs instead of directors, Akinyemi clarified that the CEO title was preferred because they are actually in charge of the company’s subsidiaries.

“They actually are in charge of those subsidiaries, because if you notice, Gtext Homes is selling houses, Gtext Land is selling sites and services, just lands, it is not building houses. GVEST is trying to get investors to invest and get returns. Gtext and Associates is working with partners who are coming to help us sell and they are getting returns on anything they sell for us.

“So if you look at it, each of the subsidiaries does something totally different and the CEOs run day-to-day, they all have their employees, and it’s just good to break it down that way in a sizable chunk for them to be able to manage, rather than lump everything together,” Akintayo explained.

He added that in future, the number of the company's CEOs may increase when its subsidiaries expand beyond the United State, Nigeria and Dubai.