Future, the Bath-headquartered specialist global media group, has appointed a major figure in the US media sector to take over from CEO Zillah Byng-Thorne when she steps down at the end of next month.
The group, which Ms Byng-Thorne has transformed from a loss-making mainly UK business into an international group worth around £2bn and with 250 titles since taking the helm nine years ago, described new chief executive Jon Steinberg, pictured
, an experienced media executive, with a strong track record of innovation, scaling media groups and creating value.
Ms Byng-Thorne, pictured, caused shock waves in the media sector and the City last September when she announced her decision to resign from Future, which is listed on the London Stock Exchange.
Rumours of her departure had already sent Future’s share price plummeting by more than 16%.
Jon Steinberg was most recently president of New York-based cable TV provider Altice USA’s news & advertising division, which encompasses News 12, i24NEWS, Cheddar News, and Altice USA’s a4 Advertising unit.
He joined Altice after selling Cheddar News, a digital-first innovative news company which he founded in 2016.
Prior to Cheddar, he was the 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.
Future, whose titles include Country Life, Classic Rock and Decanter and also owns the Go Compare insurance price comparison website, said Ms Byng-Thorne would remain available to support Jon over a two-month transition period to ensure a smooth handover of responsibilities.
Future chair Richard Huntingford said: “Jon has highly valuable expertise and has developed a fantastic track record, combining entrepreneurialism with leadership at some of the very best digital and media organisations operating at scale.
“He is a charismatic leader with a deep understanding and passion for media, particularly how technology, creativity and innovation can be harnessed to accelerate growth and build significant value for stakeholders.
“As we look to further extend Future’s leadership, particularly in the US, Jon is a natural fit.”
He said Ms Byng-Thorne had played an exceptional role at Future for almost a decade.
“Through her leadership, Future has transformed beyond recognition, from a loss-making magazine publisher into a leading digital media platform of 250 brands reaching one in three adults online in the US and UK, and delivering market-leading returns for our investors in the process.”
Jon Steinberg said he had followed Future closely and long admired it for the way it had “redefined the media playbook, marrying the best of editorial and technology”.
Ms Byng-Thorne added: “Leading Future has been a true privilege. It is a job and a company that I have loved, working alongside incredibly talented teams focused on staying true to the evolving needs and desires of the audiences we serve.
“I will continue to be a firm supporter of the business and am confident that Future, under Jon's leadership, will go from strength to strength.”
Ms Byng-Thorne joined Future in November 2013 as group chief financial officer from Trader Media Group – owner of AutoTrader – where she had been chief executive.
She moved up to become Future’s CEO the following April on the departure of Mark Wood, who had been in the role for three years.
Within a month she launched a 45-day consultation with Future’s entire 900-strong workforce on a major restructuring of the business and within six months the group had axed hundreds of staff, changed the working practices of many others, sold most of its sport and craft titles and brought in a new management team.
By the end of its 2013/14 financial year it had slumped to a £35.4m annual loss on sales down from £82.6m to £66m.
The group then began its often dizzying but highly successful buy-and-build policy which has included snapping up the firm behind Go Compare insurance for £594m, the £300m takeover of magazine publisher Dennis – which greatly expanded its reach in the US – and the £140m takeover of TI Media, which added 40 titles including Horse & Hound, Woman & Home and Wallpaper, to its portfolio.
