Future plc CEO Jon Steinberg to step down next year, shares plunge

LONDON - Future plc (LSE: FUTR), a global specialist media platform, has announced that CEO Jon Steinberg will be stepping down from the Board in the following year. Steinberg's decision is motivated by his plans to relocate to the United States with his family. He will continue to serve his twelve-month notice period as the company begins the search for a new CEO.

Shares of Future plc fell 15.4% in London trading following the news.

During his tenure, Steinberg has been credited with implementing the Growth Acceleration Strategy, which, according to a pre-close update in September, has been driving the company's strategic and financial progress. Richard Huntingford, Chair of Future plc, expressed his gratitude for Steinberg's significant contributions and respected his decision, despite the disappointment of his departure.

Steinberg remains committed to leading the company until a successor is appointed, emphasizing his dedication to the strategy that capitalizes on Future's strengths, financial characteristics, and unique market position. His leadership will persist through the period of transition to ensure the continued execution of the company's strategic initiatives.

The announcement comes ahead of Future's scheduled release of its full-year results on December 5, 2024. The company's leadership transition is an important event for stakeholders and the market, as it signals a change in the executive team that will guide Future's next phase of growth.

The news of Steinberg's planned departure and the upcoming succession is based on a press release statement from the company. The search for a new CEO is expected to be a thorough process to find a leader who can continue to build on the momentum established under Steinberg's guidance.

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Source: Investing.com