The U.S. arm of magazine publisher Future has laid off a third of its employees, according to this GII report. The UK-based publisher will not shut down any of its U.S. brands but key responsibilities will now be carried out by UK teams, including "editorial leadership and all print support duties."
Yesterday, Mark Wood announced he would step down as Future's CEO on April 1, with current CFO Zillah Byng-Maddick lined up as his replacement.
"We are absolutely focused on driving a significant reduction in the cost base of the business to deliver sustained margin improvement," Byng-Maddick said in a statement. "With this activity we have moved decisively to realign resources and build efficiencies while taking a major step towards being a 100 per cent digital business in the US. This is just one example of our determination to right-size Future for long-term success."
We offer our condolences and best wishes to all of our colleagues affected by this latest round of layoffs at Future.