Future shares drop after boss announces exit
Future shares dropped as much as 10 per cent in early deals this morning after the company announced that its boss would be leaving the business after only a year and a half at the helm.
The publisher, which owns titles including Country Life, Marie Claire and T3, said chief executive John Steinberg would step down next year after his 12-month notice period.
Jon Steinberg, who founded the online news platform Cheddar, has been Future’s chief executive officer since April last year.
The company said he would step back to spend more time with his family in the US.
Chair Richard Huntingford called Steinberg’s departure “disappointing” but added he “respect[ed] Jon’s decision to return to the US”.
“The Growth Acceleration Strategy he has implemented is well underway and, as highlighted by the pre-close update announced in September, continues to drive good strategic and financial progress.
“We will continue to work closely with Jon over the course of his notice period as we look to appoint his successor,” Huntingford added.
The growth strategy, which kicked off at the start of this year, includes a two-year investment programme of £25m-£30m to “ensure Future is well-positioned to capitalise on future opportunities in its attractive and growing markets.”
Outgoing boss Jon Steinberg said: “Future is a wonderful business driven forward by incredibly talented people who I love working with and it was a tough personal decision to step down from theboard next year.
“It is a great privilege to lead the group and until I hand over to my successor, I remain focused on the delivery of our strategy which leverages Future’s inherent strengths, strong financial characteristics and unique proposition.”
In its latest half-year results, the publisher unveiled a fall in profit and earnings per share, which the group blamed on foreign exchange headwinds.