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You can find the current article at its original source at https://www.theguardian.com/media/2022/sep/20/shares-publisher-future-zillah-byng-thorne-marie-claire
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| Shares in Marie Claire publisher Future plunge as chief announces departure | Shares in Marie Claire publisher Future plunge as chief announces departure |
| (3 months later) | |
| More than £300m wiped off market value as company says Zillah Byng-Thorne is to step down | More than £300m wiped off market value as company says Zillah Byng-Thorne is to step down |
| Future, one of Europe’s biggest and most successful digital media companies, has seen more than £300m wiped off its market value after the company said that chief executive Zillah Byng-Thorne is to step down after almost a decade. | Future, one of Europe’s biggest and most successful digital media companies, has seen more than £300m wiped off its market value after the company said that chief executive Zillah Byng-Thorne is to step down after almost a decade. |
| Byng-Thorne, who has made more than £35m transforming a magazine publisher facing collapse into a £1.7bn digital media empire, has told Future that she intends to step down by the end of the next year. | Byng-Thorne, who has made more than £35m transforming a magazine publisher facing collapse into a £1.7bn digital media empire, has told Future that she intends to step down by the end of the next year. |
| Shares in Future, which owns brands including Marie Claire, TechRadar, Country Life, Horse & Hound, Metal Hammer and the price comparison site GoCompare, plunged more than 16% on news of the 47-year-old’s intention to step down. | Shares in Future, which owns brands including Marie Claire, TechRadar, Country Life, Horse & Hound, Metal Hammer and the price comparison site GoCompare, plunged more than 16% on news of the 47-year-old’s intention to step down. |
| “Future made it clear in last year’s annual report that chief executive succession planning was an ongoing focus of the board and nomination committee,” the company said in a statement on Tuesday. | “Future made it clear in last year’s annual report that chief executive succession planning was an ongoing focus of the board and nomination committee,” the company said in a statement on Tuesday. |
| “Zillah Byng-Thorne, CEO, joined the business in November 2013 and is approaching nine years at the group. Zillah remains committed to the business, and has not resigned; however she has informally indicated that she would like to step down by the end of 2023.” | “Zillah Byng-Thorne, CEO, joined the business in November 2013 and is approaching nine years at the group. Zillah remains committed to the business, and has not resigned; however she has informally indicated that she would like to step down by the end of 2023.” |
| Last week, THG, the online shopping group formerly known as The Hut Group, announced that Byng-Thorne was standing down as a senior independent director. | Last week, THG, the online shopping group formerly known as The Hut Group, announced that Byng-Thorne was standing down as a senior independent director. |
| In the same week she was appointed as deputy chairperson of the online reviews platform Trustpilot, with the expectation she will eventually replace Tim Weller as chair. | In the same week she was appointed as deputy chairperson of the online reviews platform Trustpilot, with the expectation she will eventually replace Tim Weller as chair. |
| Byng-Thorne is one of the UK’s most successful media executives and was installed as chief executive at Future in April 2014 – having initially been hired as a part-time chief financial officer the previous year – going on to engineer an acquisition-fuelled turnaround of the FTSE 250 business. | Byng-Thorne is one of the UK’s most successful media executives and was installed as chief executive at Future in April 2014 – having initially been hired as a part-time chief financial officer the previous year – going on to engineer an acquisition-fuelled turnaround of the FTSE 250 business. |
| The company’s market value soared from £30m in 2013 to £4.7bn last year, making Future a stock market darling as it transformed from a print-based publisher to an e-commerce based digital media business. | The company’s market value soared from £30m in 2013 to £4.7bn last year, making Future a stock market darling as it transformed from a print-based publisher to an e-commerce based digital media business. |
| However, since then its value has fallen by more than 60% to £1.7bn as investors on both sides of the Atlantic reassess the long-term value of tech-based businesses. | However, since then its value has fallen by more than 60% to £1.7bn as investors on both sides of the Atlantic reassess the long-term value of tech-based businesses. |
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| Byng-Thorne made tens of millions of pounds from the successful turnaround of Future magazines. However, in February 60% of investors failed to support Future’s annual pay report, which included a controversial bonus scheme that could result in Byng-Thorne being awarded £40m. | Byng-Thorne made tens of millions of pounds from the successful turnaround of Future magazines. However, in February 60% of investors failed to support Future’s annual pay report, which included a controversial bonus scheme that could result in Byng-Thorne being awarded £40m. |
| While the vote was non-binding the scale of the rebellion forced the company into an embarrassing consultation with shareholders. | While the vote was non-binding the scale of the rebellion forced the company into an embarrassing consultation with shareholders. |
| Last year, Future paid £300m for Dennis, the publisher of titles including The Week and Minecraft World. | Last year, Future paid £300m for Dennis, the publisher of titles including The Week and Minecraft World. |
| In 2020, Future spent almost £600m buying GoCompare, having months earlier completed a £140m deal to buy TI Media, formerly Time Inc UK, which publishes 40 titles including Horse & Hound, Woman & Home and Wallpaper. | In 2020, Future spent almost £600m buying GoCompare, having months earlier completed a £140m deal to buy TI Media, formerly Time Inc UK, which publishes 40 titles including Horse & Hound, Woman & Home and Wallpaper. |