Future’s CEO Stevie Spring resigns

Future Publishing’s chief executive Stevie Spring and finance director John Bowman have resigned from the company as part of its cost-cutting drive.

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Both have resigned “with immediate effect” and will be replaced by their counterparts in the UK, Mark Wood, chief executive of Future UK and Graham Harding, the UK’s finance director.

Wood and Harding’s roles will not be replaced, as part of a previously announced cost efficiency drive, which looked to axe about 10% of the company’s workforce in the UK.

Today’s (27 October) announcement was made by newly appointed Future Plc chairman Peter Allen, who said the company has gone through a period of “unprecedented change”.

Future’s revenue for the six months to 31 March fell 4% year on year to £68.8m and advertising revenue fell 4% to £20.4m. Full-year results for the year to 30 September will be reported on 24 November.

In July the company confirmed it would reduce headcount and restructure the business in both its UK and US divisons to become predominantly digital, but so that it would still able to deliver print efficiently. Future said in its half year results announcement that its UK digital business became profitable for the first time.

Future publishes several special interest magazine titles in the UK including Cycling Plus, Mollie Makes, T3 and Classic Rock.

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