Shares plunge as Future chief to leave role

The chief executive of magazine publisher Future is to step down from the top job at the end of 2023 after nine years in the role.

The Bath-based company has denied Zillah Byng-thorne has resigned, saying she has “informally indicated” she would like leave the business. Shares plunged 17.56% on the news of the announcement.

Future said it had “made it clear” in last year’s annual report that chief executive succession planning was an “ongoing focus” of the board and nomination committee.

Ms Byng-thorne joined the FTSE-250 company, which counts Country Life, Marie Claire and Tech Radar among its titles, in November 2013 and has grown the business into a global platform of ecommerce brands. The firm publishes 105 magazines and 745 bookazines, and has 306 million online users on its websites.

Ecommerce group THG also announced Ms Byng-thorne had stepped down from her position as a non-executive director with the company. She is also stepping down as a non-executive from Flutter Entertainment.

Ms Byng-thorne will join Trustpilot Group as non-executive and deputy chair on October 1.