PracticeConsultingFuture Network finance chief steps down

Future Network finance chief steps down

Future Network has announced today that CIMA member Ian Linkins is stepping down as the publishing company's finance director from April.

Linkins who has worked at Future since 1999, will remain at the company in a reduced role as Group Finance Manager.

‘Ian has taken the lion’s share of the pressure resulting from Future’s woes of 2000 and I fully understand his desire to move on to another senior role within the company,’ said Future chairman Chris Anderson.

Future suffered a series of setbacks in the past year, with the discovery that its French subsidiary had overstated its results by £3m in 1998 and the fallout from the downturn in the technology sector. The group announced increased losses of £60.8m on a turnover of £254m, due to expenditures of £35.7m and a drop in advertising revenues.

Non-executive board member Michael Penington, who is not an accountant, will substitute Linkins until a full-time FD is found. Prior to his appointment to the board, Penington served as executive director in the corporate finance department of investment bank Morgan Stanley Dean Witter

The appointment is part of a larger management shake-up, said to be an effort to appease disappointed investors, who saw share prices drop over 75% in the last year.

Links

Publisher’s £3m error

Future Network overstates by £3m

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