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Shares in magazine publisher Future have plummeted to a five-month low after its boss quit just 18 months into the job.
In an update that took investors by surprise, the FTSE 250 firm said Jon Steinberg plans to resign next year to return to the United States with his family.
The editor of Country Life, Homes & Gardens, FourFourTwo and Marie Claire said he has launched a search for a successor.
Analysts at Peel Hunt said Steinberg’s departure “will cast a shadow over the investment case until a successor is found.”
Future shares fell 19.3 per cent, or 189.5 pence, to 794.5 pence. That was its lowest level since May.
Shock: In an update that took investors by surprise, Future said Jon Steinberg plans to resign next year to return to the US with his family.
Steinberg, the former CEO of DailyMail.com in North America who also worked for BuzzFeed and Google, took the helm in April last year following the departure of his long-term boss, Zillah Byng-Thorne.
“Future’s CEO didn’t last long,” said Russ Mold, chief investment officer at brokerage AJ Bell. ‘Investors have taken this as a bad sign and will wonder why Steinberg isn’t staying. Have you seen problems in the future or have you simply been offered a better opportunity elsewhere?
The FTSE 100 fell 0.3 per cent, or 26.88 points, to 8,358.25 and the FTSE 250 rose 0.2 per cent, or 48.66 points, to 21,149.58. Chinese stocks posted gains despite a slowdown in the world’s second-largest economy. Official figures showed output rose 4.6 percent in the third quarter of the year, the slowest pace since early 2023. But investors remain hopeful that Beijing’s efforts to revive the economy will bear fruit.
Asia-focused Prudential rose 2.8 per cent, or 18.6 pence, to 673.4 pence and luxury goods giant Burberry gained 0.5 per cent, or 3.4 pence, to 691 pence. .
Miners were also rising on hopes of renewed demand for raw materials from China. With gold, iron ore and copper prices higher, Anglo American rose 1.8 per cent, or 42 pence, to 2,379.5 pence, Rio Tinto rose 1 per cent, or 49.5 pence, At 4,995.5 pence, Antofagasta gained 1.5 per cent, or 26.5 pence. , at 1,829p, Glencore added 1.4 per cent, or 5.5p, to 408.7p and Fresnillo closed 2.7 per cent, or 18.5p better at 703p.
Frasers Group, the retail empire controlled by Sports Direct tycoon Mike Ashley, urged Mulberry to give its 150p takeover bid “due and appropriate consideration”. Frasers last week submitted its £111m bid for the troubled British handbag maker, but yesterday said it has “yet to receive formal feedback from Mulberry’s board” on the proposal.
Frasers also said it has “tried to collaborate” with investment vehicle Challice, which owns 56 per cent of Mulberry. Challice has said he has “no interest” in selling to Frasers, which is Mulberry’s second largest shareholder with 37 per cent.
In a separate takeover situation, Frasers said it will vote in favor of Joshua Alliance’s acquisition of fashion group N Brown.
Frasers owns 20 per cent of N Brown, whose brands include Simply Be and JD Williams.
Shares in Frasers rose 0.5 per cent, or 4p, to 825.5p, Mulberry added 2 per cent, or 2.5p, to 130p and N Brown rose 1 per cent, or 0. 4p, at 39.1p.
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