Colin Morrison, the chief operating officer at Future Network, has announced his resignation despite an upturn in the company’s financial results.
He is to leave the magazine group at the end of the year and resigned as director on Tuesday.
Morrison was appointed chief operating officer in 2001 after the company suffered massive losses due to a downturn in the IT and internet markets. He joined the group in 2000 as deputy chief executive.
During his three years at Future he directed a major restructuring, which led to magazine closures and job losses following cost-cutting measures.
As well as a management reshuffle, which gave more responsibility to individual divisions, he also rationalised its property portfolio and separated the UK business into three groups – games, entertainment and computing.
The post of chief operating officer is being dissolved and Future is looking to recruit a new UK managing director.
Its latest interim results, in the six months to June, show that pre-tax profit is up by 22 per cent to £1.1m.
Future chairman Roger Parry said: “Colin joined Future at a very difficult time when the company was undergoing major changes. He played a crucial role in our restructuring and reorganisation.
“The business is now in much better shape and we understand his decision to move on after three years.”
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