Future CEO Mark Wood is to step down, with CFO Zillah Byng-Maddick taking his place.
Byng-Maddick was only appointed CFO in November. Wood will remain on the board for the time being.
“Zillah has been a phenomenon since she came aboard, re-organising the Finance function and transforming the way we manage the business,” Wood said in an email to Future staff obtained by MCV. “We have worked closely together to define a prioritised growth strategy for the business and define options to reduce our cost base and improve margins. She will do a fantastic job as CEO.
“A key reason for bringing Zillah into Future was her past experience of digital transitions and also of organisational structuring. Those skills are invaluable at a time when radical action is needed.
“We have made fantastic progress as a digital business in the past three years. We seem to have won every award in sight, we have more visitors to our websites than any of our direct competitors – 60 million a month – and we are the UK’s leading digital magazine publisher. No mean feat for a company of our size.
“But we are seeing huge challenges in parts of the business, especially given continued decline in print sales. We have an unfortunate reputation for missing our targets and that needs to change.”
The moves come following a sharp dip in the company’s share price earlier this month.