Shares in magazine publisher Future plc dropped more than 10% on Friday morning after the company announced the departure of chief executive Jon Steinberg following a year and a half in the role.
Steinberg, a former Buzzfeed and Mail Online executive who founded financial news streaming service Cheddar News, joined Future in April 2023.
In a release the company said Steinberg was stepping down in order to relocate to the US with his family.
Future chair Richard Huntingford said: “I would like to thank Jon for the significant contribution he has made to the Group. Whilst we are disappointed that he will be departing next year, we respect Jon’s decision to return to the US.
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“The Growth Acceleration Strategy he has implemented is well underway and, as highlighted by the pre-close update announced in September, continues to drive good strategic and financial progress. We will continue to work closely with Jon over the course of his notice period as we look to appoint his successor.”
Future has had a mixed few years, announcing record revenue and profit in its full-year results for 2022 but then a 19% profit decline in 2023. Its results for this year are expected in December.
During Steinberg’s tenure Future has embarked on a series of staff cuts and title closures, doing away with brands including Apple-focused brand iMore, Broadcasting + Cable and computing hardware publication AnandTech. The company announced a move into the adtech business earlier this year.
Last month Future closed Total Film magazine after 27 years in business.
Under Steinberg Future has used surplus cash to buy back its own shares, rather than make acquisitions, a strategy which has not improved the company’s share price.
Steinberg himself said Future “is a wonderful business driven forward by incredibly talented people who I love working with and it was a tough personal decision to step down from the board next year.
“It is a great privilege to lead the group and until I hand over to my successor, I remain focused on the delivery of our strategy which leverages Future’s inherent strengths, strong financial characteristics and unique proposition.”
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