Future has announced it seeks to lay off a third of its US staff, as it attempts to “fast track” its from print to digital.
It follows the announced departure of Future CEO Mark Wood, who steps down from the role on April 1. CFO Zillah Byng-Maddick will occupy the position.
GI.biz reports that the firm will not cut any of its US brands, but key duties will now be managed by its UK staff, such as editorial management, consumer marketing and other facets of the business.
On the cuts, Future’s Byng-Maddick said in a statement, “We are absolutely focused on driving a significant reduction in the cost base of the business to deliver sustained margin improvement. 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.”