On Friday, Future Publishing, the British media company behind some of the best gaming magazines in both Europe and the US (Edge, PC Gamer, Max PC and the Official Xbox and Playstation mags), announced that its CEO Stevie Spring and CFO John Bowman have stepped down. The move was not unexpected -- rumors of corporate restructuring have been doing the rounds since July, and the company's stock has taken a serious beating over the last few months. Reuters reported that the media company's board has named Mark Wood as the new CEO and Graham Harding as the finance chief.
"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," Future said in a statement. According to a Reuter's report, the company's stock has dropped sixty percent on the year.
What this means for the American publications under Future umbrella remains to be seen. Video game magazines like The Official Xbox Magazine, Playstation: The Magazine, Nintendo Power, and PC Gamer have been industry icons for years, but Future's July statement revealed the company is heading to a "primarily digital model" for its U.S. businesses. Additionally, a reorganization of Future's UK business will likely lead to layoffs and cash cutting measures.
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