Future plc has announced today that Stevie Spring, CEO, and John Bowman, FD, have resigned with immediate effect.
The Board has appointed Mark Wood, the head of Future UK, and Graham Harding, the UK’s Finance Director, to replace them.
According to The Guardian, “The pair have fallen on their swords in order to help Future cut costs”. Spring, the highest-paid executive at Future, received £652,000 in total remuneration for the year to the end of September 2010. This included a £160,000 bonus. Spring’s pay packet was a 72% increase on 2009’s total remuneration of £378,000 when she did not receive a bonus. Bowman, the second-highest paid executive, received a total remuneration of £325,000 in the year to the end of September 2010. Bowman received a bonus of £39,000. This was a 14% rise over 2009’s pay packet, when Bowman also did not receive a bonus.
Peter Allen, Future’s recently appointed Chairman, 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.”
Mark Wood said: “I’m delighted to be taking over from Stevie at such an exciting time in our development. 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.”
Group results for the year to 30 September 2011 will be announced on Thursday 24 November 2011.
Stevie Spring became CEO of Future in 2006 after six years as Chief Executive of Clear Channel, and 16 years in communications management. She chairs BBC Children in Need.
Mark Wood was appointed Chief Executive of Future’s UK business in September 2010. He was previously Chief Executive of ITN and before that Editor-in-Chief of Reuters and a member of Reuters PLC Board. He was a non-executive director of the Company (from 1 April 2009 until 23 August 2010 when he stepped down to lead the UK business).
John Bowman joined Future in November 2001 as Group Finance Director from Scottish Radio Holdings plc, where he was also Group Finance Director, having commenced his career at KPMG.
Graham Harding has been Finance Director of Future’s UK business for seven years and also Group Financial Controller since 2000. He started out his career at PricewaterhouseCoopers.
UK, London, UK
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