Future chief executive Stevie Spring resigns

The chief executive officer of magazine publisher Future, Stevie Spring, has resigned from the company with immediate effect.

The company board has appointed the head of Future UK, Mark Wood, as her replacement.

John Bowman, the company’s financial director, has also resigned from the company and has been replaced by Future UK finance director Graham Harding.

Earlier this month the publisher, whose titles include Metal Hammer and Classic Rock, said it was expecting to report a 6 per cent drop in turnover during the 12 months to 30 September.

The UK side of the business, which makes up more than 70 per cent of total revenue, has improved in recent months with turnover down an estimated 2 per cent compared with a 3 per cent drop six months ago.

The company is said to be considering its options in the US, which it describes as a ‘significantly more challenging’trading environment.

Future has already announced its intention to convert its US operation into a ‘primarily digital business”.

Future chairman Peter Allan said: ‘The board would like to thank Stevie and John for their considerable contribution in leading Future through a period of unprecedented change.

‘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.

“The board is confident that the market-leading progress in generating digital revenues will continue under Mark’s stewardship.

‘He and Graham can now manage a more profitable business to the benefit of both shareholders and staff.”

Wood said: ‘We are making amazing progress on line and on mobile, demonstrated just this month by our success on the Apple newsstand.

‘We have the pieces in place to achieve sustainable growth in all our core verticals.”

In July the company also announced it was cutting 10 per cent of its workforce in a company-wide restructure.

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