Future Publishing's CEO Springs Overboard "With Immediate Effect"

UK-based magazine publisher of the like of CVG, Xbox 360: The Official Magazine, Official Xbox Magazine and Edge has seen its CEO and John Bowman its finance director resign, "with immediate effect" today.

The official line states that, "Future plc, the international special interest media group, today announces that Stevie Spring, CEO, and John Bowman, FD, have resigned with immediate effect.

"The Board has appointed Mark Wood, the head of Future UK, and Graham Harding, the UK's Finance Director, to replace them."

There was a comment from Peter Allen, Future's recently appointed Chairman, "The Board would like to thank Stevie and John for their considerable contribution in leading Future through a period of unprecedented change. The recent restructuring which positions the company for its digital future has allowed the Board this opportunity to achieve substantial savings by eliminating an entire tier of corporate overhead."

The company is also sure that "the market-leading progress in generating digital revenues will continue under Mark's stewardship."

In order to achieve this, "We have the pieces in place to achieve sustainable growth in all our core verticals."

Stevie Spring took over as CEO of Future in 2006 after six years as Chief Executive of Clear Channel, and 16 years in communications management.

Mark Wood took up the role of Chief Executive of Future's UK business in September 2010. Previously he had been Chief Executive of ITN and and Editor-in-Chief of Reuters.