• Swindon & Wiltshire News
• Wednesday September 21 2022
• Author Name: Peter Davison

Shares in Future plunge as firm confirms CEO’s departure

Shares in Bath-based magazine publisher Future took a tumble on Tuesday as the firm confirmed CEO Zillah Byng-Thorne was stepping down after almost a decade.

The CEO is credited with changing the fortunes of Future from a loss-maker to a £1.7 billion digital business.

The share price plunged by 16 per cent on the announcement – wiping £300 million off the market value of the firm.

In a statement to shareholders, the firm clarified: “Future made it clear in last year’s annual report that chief executive succession planning was an ongoing focus of the board and nomination committee,” the company said in a statement on Tuesday.

“Zillah Byng-Thorne, CEO, joined the business in November 2013 and is approaching nine years at the group. Zillah remains committed to the business, and has not resigned; however she has informally indicated that she would like to step down by the end of 2023.”

Founded in Somerset in 1985, Future owns a raft of titles and brands including Marie Claire, Country Life, Homes & Gardens, Horse & Hound, TV Times, and Metal Hammer.