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Future PLC on Tuesday confirmed that Chief Executive Zillah Byng-Thorne plans to step down by the end of 2023, less than a week after Trustpilot Group PLC hired her as its new deputy chair.
On Monday, Sky News reported that Byng-Thorne plans to retire from the Bath-based media company in the next 18 months.
It added that media insiders expect her to step down in the second half of 2023.
On Tuesday, Future said: ‘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.’
Byng-Thorne has been CEO of Future since April 2014. She was originally appointed as finance chief in 2013 when Future had a market capitalisation of just £30 million.
Shares in the Future were down 17% at 1,377.00 pence each in London on Tuesday morning, giving it a market capitalisation of just over £2.00 billion.
On Thursday, Trustpilot, Copenhagen-based online review platform, said Byng-Thorne will join the company as deputy chair and a non-executive director from October 1.
Sky News said city insiders expect her to replace Trustpilot's chair Tim Weller in due course.
Future added that it has made it clear that CEO succession planning has been an ongoing focus of its board and Nomination committee in last year's annual report.
https://news.sky.com/story/fourfourtwo-publisher-future-to-kick-off-hunt-for-ceo-successor-12699511
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