Stevie Spring resigns from Future

Months after the company warned on its full-year results and said it would undertake a restructuring of its businesses, Future Plc announced today that CEO Stevie Spring and FD John Bowman would be stepping down
immediately.

Mark Wood, who has been running the UK business, is to take over as CEO and Graham Harding as finance chief.

In July, the company had said that the faster transition of its U.S. business towards a digital model and a restructure of its UK business were expected to result in job cuts and one-time cash costs.

Today’s rather terse statement to the city was:

“The recent restructuring which positions the company for its digital future has allowed the Board this opportunity to achieve substantial savings by eliminating an entire tier of corporate overhead.”

Prior to his appointment as chief executive, Wood was in charge of the company’s UK business, while Harding served as its finance director.

Future’s shares have lost more than 60 percent of their value since the year started.