Future CEO Jon Steinberg is stepping down from his role, the specialist media publisher announced today.
According to a statement from Future, Steinberg’s decision to depart the company was caused by a desire to relocate back to the US with his family.
Steinberg joined Future in February 2023, succeeding Zillah Byng-Thorne. He previously had worked as president of cable provider Altice USA’s news & advertising division, and had held executive roles at DailyMail.com North America and BuzzFeed. He moved to London soon thereafter with his family.
His notice period is 12 months, meaning a successor will not be appointed for another year.
“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 the Board next year,” Steinberg said.
“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 characterists and unique proposition.”
In a 2023 interview with The Media Leader, Steinberg said he was initially attracted to Future because of his desire to “run a scaled internet business”, especially one in Future which “had great financials”.
“When I got called by the headhunter for the Future job, I knew that I wanted to do it right away… [and] we made the decision to move to London, which is a big switch when you have a 13- and a 14-year-old,” Steinberg said.
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Future chair Richard Huntingford thanked Steinberg “for the significant contribution he has made to the Group”, adding that “whilst we are disappointed that he will be departing next year, we respect Jon’s decision to return to the US.”
Huntingford added: “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.”
Future will release its full-year results on 5 December.
In its half-year results released in May, the publisher reported total revenues declined 3% year on year to £391.5m. UK organic revenue grew 3%, while US organic revenue declined by 11% despite a return to growth in digital advertising. Profitability was reported to be hampered by “an adverse revenue mix” as well as investment in Future’s Growth Acceleration Strategy.
The Growth Acceleration Strategy begun under Steinberg is a two-year investment programme totalling £25m-£30m aimed at diversifying revenue and growing Technology and Gaming verticals.
Shares of the company fell 15% in intraday trading on the news of Steinberg’s departure.
