Future PLC on Friday said that Chief Executive Officer Jon Steinberg has informed the board of his decision to step down later next year, having only joined in April 2023.

The company said Steinberg will leave in order to relocate back to the US with his family. His notice period is twelve months and the board will now launch a search for his successor.

Future shares fell 11% to 874.00 pence each on Friday morning in London.

Last month, Sharjeel Suleman started his role as chief financial officer of Future, succeeding Penny Ladkin-Brand, who had been CFO for nine years.

Steinberg’s predecessor Zillah Byng-Thorne was CEO of the company for nearly a decade. She is now chair of advertising agency M&C Saatchi PLC.

In the past, Steinberg was the president of Altice USA’s News & Advertising division. Before that, he was the CEO of DailyMail.com North America, having joined from BuzzFeed Inc where he was president and chief operating officer.

Chair Richard Huntingford says: ‘Whilst we are disappointed that he will be departing next year, we respect Jon’s decision to return to the US. The Growth Acceleration Strategy he has implemented is well underway and, as highlighted by the pre-close update announced in September, continues to drive good strategic and financial progress. We will continue to work closely with Jon over the course of his notice period as we look to appoint his successor.’

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