RJR axes 2 execs as company faces $50 million in monthly losses

The Radio Jamaica, RJR Group, cut two executive positions arguing that it wanted a leaner structure, but the change also comes as the group continues to bleed more than $50 million a month in losses.

As a result, Tanya Smith-Anderson, Chief People Officer, and Dr Claire Grant, Deputy CEO for Broadcast Services and Group Content Development, will exit the company.

“You all would send me ideas and challenges,” stated Dr Grant in a tweet on X acknowledging her exit, “and I would have tried my best to see to your needs”.

RJR the island’s traditional media arm since last year, has struggled to stem the outflow of cash. It prompted the group to flatten its executive structure.

Anthony Smith assumed the post of managing director in January this year, after joining in October 2022 as its deputy CEO.

“The changes being made are an important part of our ongoing effort to transform the group — making it more efficient, agile, and profitable, while maintaining our strong performance in the various media segments," said Smith in the release.

Smith however acknowledged the contributions of the two outgoing executives, who have each served the group for more than 15 years.

"Both Mrs Smith-Anderson and Dr Grant have made significant contributions to the group and the media industry in Jamaica and the Caribbean," Smith said.

RJR's financial struggles have been exacerbated by industry-wide challenges, including rising costs and changing media consumption habits. Despite these difficulties, the group remains committed to adapting to the evolving market environment.

The group’s $50 million a month loss stems from over five quarters of losses. Annualised at $538 million for its financial year ending March 2024, but its first quarter increased the bleeding with losses of $167.5 million.

Smith reiterated that the organisational changes are designed to bring the group closer to its audience and advertisers while cutting costs.