Shares in Future, the Bath-headquartered specialist global media group, fell by more than 18% today after its CEO announced he is to quit just 18 months after being appointed.
Jon Steinberg, pictured, was a major figure in the US media sector before taking over from previous Future chief executive Zillah Byng-Thorne.
In a statement to shareholders today Future said he had informed the group’s board of his decision to step down next year to relocate back to the US with his family.
The announcement triggered a sharp fall in Future’s share price, taking it down by just over 18% to 813p this afternoon as investors mulled over the group’s progress.
Ms Byng-Thorne was widely credited with transforming Future from a loss-making mainly UK business into an international group worth around £2bn and with 250 titles in her nine years at the helm.
As well as building up a portfolio of publications and websites spanning areas ranging grom tech and hobbies to fashion and business and including titles such as Country Life, Classic Rock and Decanter, it also snapped up the Go Compare insurance price comparison website.
However, last month Future said it had started closing a small number of its print and digital brands as it looked to return to growth this year.
Its previous rapid expansion stalled recently, with pressure from the changing global media landscape and a tougher advertising climate.
As a result it launched what it called a Growth Acceleration Strategy last December, which it described as “a continuous process to ensure the group is best positioned to deliver sustainable organic growth”.
Jon Steinberg, who joined Future from New York-based cable TV provider Altice USA’s news & advertising division, where he was president, said it had been a “tough personal decision” to step down from the board next year.
“Future is a wonderful business driven forward by incredibly talented people who I love working with,” he added.
“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 characteristics and unique proposition.”
Future chair Richard Huntingford said Jon Steinberg had made a significant contribution to the group.
“Whilst we are disappointed that he will be departing next year, we respect Jon's decision to return to the US,” he 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.”
Prior to joining Altice USA Jon Steinberg ran Cheddar News, a digital-first innovative news company which he founded in 2016. He was also chief executive officer of DailyMail.com North America, having joined from BuzzFeed, where he was president & chief operating officer.
His early career included working at Google, where he was a strategic partner development manager, as well as the consultancy Booz Allen Hamilton.
