Future: CEO Spring and finance man Bowman resign

CEO Stevie Spring and finance director John Bowman have resigned from Future Publishing, the firm said this morning.

In a statement, it confirmed that UK CEO Mark Wood, who was appointed just over a year ago, will replace Spring.
UK finance director Graham Harding will now take on Bowman’s duties.

"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," a statement from chairman Peter Allen said.

The news comes after a turbulent summer for Future. MCV revealed earlier in the year that the publisher was cutting 10 per cent of its 1,000-strong UK workforce as print revenues fell – but it has pushed ahead with new digital projects and online launches to counteract it.

The statement today about the management change said "the market-leading progress in generating digital revenues will continue under Mark Wood’s stewardship".

It’s widely thought Spring’s departure isn’t just a cost-cutting move: it adds more credence to the suggestion Future wants to sell off its US business interests.