Future CEO planning to leave next year, shares tumble

Media group Future said on Tuesday that chief executive Zillah Byng-Thorne has "informally indicated" that she would like to step down by the end of next year.

Responding to press speculation, the company said: "Future made it clear in last year's annual report that CEO succession planning was an ongoing focus of the Board and Nomination Committee.

"Zillah Byng-Thorne, CEO, joined the business in November 2013 and is approaching 9 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."

Future shares tanked after Sky News reported over the weekend that Byng-Thorne had informed the company's chairman that she planned to retire in the next 18 months.

Last week, Byng-Thorne was appointed deputy chair of online review platform Trustpilot. According to Sky, City insiders expect her to replace chairman Tim Weller in due course.

At 1105 BST, the shares were down 15.4% at 1,401.70p.