Financial Times CEO John Ridding is stepping down in June after leading the newspaper group for almost 20 years.
Ridding will remain with parent company Nikkei as a special adviser reporting to its chairman and group CEO Naotoshi Okada.
He will also take the title of honorary FT chairman, a non-executive role designed to support a smooth transition and encourage more collaboration between the newspaper group and Nikkei.
The FT said Ridding’s successor will be announced soon as it has reached the final stages of a recruitment process. They will take the reins on 1 July.
Ridding, who will step down on 30 June, said in a note to staff seen by Press Gazette: “I feel privileged to have been CEO during a crucial period of the FT’s history and to have worked with such brilliant and committed colleagues to transform and grow our business.
“As I step away, FT subscriptions and readership are at all-time highs, as are group revenues. Roula [Khalaf, editor] and her team are producing exceptional journalism, reinforcing our reputation for trust and authority at a crucial time for international news media.”
Ridding has been at the FT for 35 years including working as a foreign correspondent based in Hong Kong, Paris and Seoul and as managing editor, features editor, deputy and Asia editor before moving into the business side of the organisation.
He took on the CEO job in May 2006 and described it in his note as a “daunting leap” because “to confront the storm of digital disruption was a challenging prospect”.
However he successfully led the FT’s digital and subscription-based transformation to a global paying audience of 2.9 million people and revenues of £500m for the first time in 2023.
More than two-thirds of its revenues now come from digital subscriptions (both consumer and B2B) while other revenue streams include advertising, events at FT Live, research, circulation and consultancy FT Strategies.
Ridding said last year that three early decisions he made as CEO had made a lasting impact on the FT’s health: to charge for its content online, to take back control and have direct relationships with institutional customers rather than selling its journalism to aggregators, and increasing the price of the newspaper.
‘Why now? We are in strong shape’
In his note to staff, Ridding said: “Why now? We are in strong shape. Our brilliant team has responded to two decades of seismic shocks in the news media industry, pandemics and other challenges with commitment, inspiration and innovation.
“But it seems clear that a new phase of disruption is underway, with challenges ranging from generative AI to generational change and new reader habits and demands. So, this feels like a good moment for a new phase of leadership.”
Okada said: “John stands out as an exceptional CEO in an industry that has faced constant turbulence in recent years. Since Nikkei acquired the FT in 2015, we have worked closely with John and have come to trust his judgment, commitment and innate understanding of the FT brand.
“He has stewarded the group through a period characterised by rapid international growth, diversification and digital transformation and leaves the business in robust health.”
Okada added that by staying on as an adviser, Ridding will share his “deep expertise and experience in leading change, digitisation and developing international partnerships”.
Ridding previously managed the acquisition of the FT by Nikkei from Pearson in 2015 and is already a special executive director, also sitting on its global investment committee.
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