With the passing on of Francis Thombe Nyammo at 86, Longhorn Publishers continues without the towering chairman who guided the firm for almost 50 years before exiting the board in November last year.
Nyammo, usually referred to as FT, had chaired the firm since 1977, guiding the publisher to list on the Nairobi Securities Exchange (NSE) in May 2012.
He held a direct stake of 5.88 percent in the publisher and had a beneficial interest in Pacific Futures and Options Limited, which holds a 12.85 percent stake.
He stepped down as chairman in November 2024, handing over to Ali Hussein Kassim on an interim basis. Mr Kassim then handed the role over to Githu Mugai, who has a beneficial interest in Halifax Capital Corporation Limited, which owns 5.01 percent of Longhorn.
Nyammo’s death on September 28, his 86th birthday, followed by his cremation the next day as he wished, marks a turning point for Longhorn.
The publisher must now chart its course through a changing business landscape under the stewardship of relatively new figures on its board.
Nyammo was one of the local investors who acquired shares in the company in 1993, when its previous owners, Longman UK, exited the Kenyan market.
He served as a Member of Parliament for Tetu Constituency between 2007 and 2013. He was a founding member of the Kenya Private Sector Alliance (Kepsa) and a long-serving member and past president of The Rotary Club of Karen. He was also a former managing director of Kenya Reinsurance.
Prof Muigai says Nyammo was ‘more than a chairman,’ ensuring that ‘every book we publish carries the weight of his passion for building brighter futures.’
‘He was the guiding light behind Longhorn’s journey as a Pan-African powerhouse in educational publishing. As a founding pillar of our organisation, he championed innovation, agility, and excellence, transforming Longhorn into a beacon of knowledge,’ said Prof Muigai in his tribute.
The Rotary Club of Karen described him as a major donor and a pillar of strength, a source of joy, and a true gentleman whose laughter and wisdom lit up every room.
Rotary Club of Karen president Linet Ayuko said: ‘FT aka Fun Times has indeed done his Full Time.’
Nyammo exits the scene at a time Longhorn has made several other changes in its top leadership. The entry of Prof Muigai as the chairman on December 19 last year was alongside Makenna Nyammo, the daughter of the late Nyammo.
Carrying her father’s legacy, she now sits on the boardroom as non-executive director, casting her presence in the shadow of the man who led Longhorn for nearly five decades – a reminder of the family’s imprint on the publisher’s leadership.
On September 30 this year, Maxwell Wahome stepped down as CEO. In his place, Longhorn announced the return of Simon Ngigi as acting CEO to ensure continuity. Mr Ngigi previously served as Longhorn CEO from 2015 to July 2018 before handing over to Mr Wahome.
In August of the same year, Longhorn appointed educationist Sara Ruto as a non-executive director, while Centum Investment – the top shareholder with 34.9 percent stake – resigned from the board.
Following Centum’s exit, Longhorn appointed Thomas Omondi as an alternate director.
Another new face on Longhorn’s board is Shikoh Gitau, who was appointed as an independent director in March 2024.
Longhorn hopes that these changes to the board will stabilise its operations as it continues to confront challenges such as piracy, rising demand for digital books, changes to the education curriculum, and competition from second-hand book sellers.
The firm cut its net loss by 58.4 percent to Sh237.9 million in the financial year ended June 2024, recovering from its worst performance (Sh571.33 million net loss in 2023) since listing on the NSE.
Last year, Longhorn divested from unprofitable textbook markets in Malawi, Zambia and Tanzania.