CEO and finance director leave Future Publishing
Stevie Spring, John Bowman resign with immediate effect
Two of Future Publishing's top tier executives have quit the company, leaving their UK specific counterparts to take over their duties.
Stevie Spring, chief executive, and finance director John Bowman have both left the organisation, resigning with immediate effect. Their duties will be taken on by Mark Wood, Future UK CEO and Graham Harding, UK FD, respectively.
"The Board would like to thank Stevie and John for their considerable contribution in leading Future through a period of unprecedented change," said Future chairman Peter Allen.
"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.
"The Board is confident that the market-leading progress in generating digital revenues will continue under Mark's stewardship. He and Graham can now manage a more profitable business to the benefit of both shareholders and staff."
"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."
Peter Allen, Chairman, Future Publishing
The board changes come during a tumultuous period for the UK-based company, which has had a difficult transition to digital media from a strong print background. In July the company released an interim statement indicating a decline in print sales on both sides of the Atlantic, leading to 100 UK job losses.
Digital media revenues are on the rise at the organisation, becoming profitable for the first time in Future's most recent financial report, but overall profits had more than halved.
Staff are said to be shocked by the removal of Spring and Bowman and sources close to the company have indicated to GamesIndustry.biz that all pay reviews have been frozen for the forthcoming year.