YouGov boss ousted as share price plummets under his leadership
YouGov, the international research and data analytics group, reportedly agreed to let go of Hatch with immediate effect.
YouGov’s cofounder and current chair, Stephan Shakespeare, will return as interim CEO while the board searches for Hatch’s permanent successor.
This comes after YouGov faced calls to sack its boss and kick off an ‘urgent strategic review’ from an activist investor after a dramatic fall in its share price over the last year.
Gatemore Capital Management, an activist investment firm, wrote to the firm’s board demanding Hatch be ousted from his role and replaced by Stephan Shakespeare.
The calls come after a torrid year for the opinion polling firm in which its sales have slowed, and shares have fallen by more than 60 per cent.
YouGov shares plunge
In June, YouGov shares plunged more than 40 per cent in a day when the company issued a profit warning.
Since then, the company has struggled to regain investor confidence.
Since Steven Hatch’s appointment in August 2023, YouGov’s shares have lagged behind the FTSE 250 and AIM All-Share indices by 67 and 56 percentage points, respectively.
Today, Hatch said: “My sincere thanks to all at YouGov for their hard work and inspiration over the last 18 months. It is the right time for a change and I wish Stephan, the board and all at YouGov the very best for the future.”
The board also published its gratitude for his contributions.
“On behalf of the board, I would like to thank Steve Hatch for his commitment and support over the past 18 months, especially during a challenging time for the Company. Steve played a crucial role in building and leading a strong leadership team and ensuring a smooth integration of the CPS acquisition”, said Shakespeare.
Company publishes results
Along with the news of Hatch’s departure, YouGov told the market this morning the firm delivered “modest growth on an underlying basis reflecting stabilisation in our core business, with strong growth on a reported basis due to the inclusion of the CPS acquisition.”
The company added: “Looking ahead, we are encouraged by the stabilisation we have seen, and therefore, the group is expecting to deliver continued modest year-on-year revenue growth on a reported basis over the course of the second half of FY25.”
The previously announced cost optimisation plan to achieve £20m in annualised savings remains on track, with 70 per cent of those savings expected in fiscal 2025.