Colin Morrison, Future’s Deputy Chief Executive, assumes the position of Chief Operating Officer, with direct responsibility for Future’s UK and European businesses, for international licensing, and for strengthening Group operating procedures. He will continue to report to Chief Executive Greg Ingham;
Non-executive Board Member Michael Penington is to become Interim Finance Director, pending recruitment of a full-time replacement for Ian Linkins who steps down in April to become Group Finance Manager;
Roger Parry, a non-executive Director of Future since its flotation, becomes Deputy Chairman, and takes over PLC and governance responsibilities of the Board, freeing up Future’s founder Chris Anderson to focus on group strategy as non-executive Chairman.
Chris Anderson, Chairman of Future commented:
Future’s clear goal for 2001 and 2002 is to restore the company to positive cashflow by the resolute focus on our core business. Greg and Colin are the team to achieve this, and will allow me to focus on the area where I can add most value: helping to figure out low-cost ways to open up new profit streams for Future within our core markets. With the exception of last year, Future has an exceptional track record in this regard, and now that the bubble economy of 2000 is behind us, I look forward to helping reinvigorate that process.
I am also delighted that Roger and Michael have agreed to take on new responsibilities for Future. Both have been extraordinarily valuable over the past months as Board Directors, and these new roles are exactly what Future now needs.
Finally I would like to pay tribute to Ian Linkins who has decided to step down from April. 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. Ian has worked tirelessly for Future during the past decade, and played an absolutely essential role in helping the company grow from tiny roots to its current public company, multi-country status.
Roger Parry, Deputy Chairman of Future, added:
Future is a very young company which has gone through substantial growing pains since it floated, at the height on the internet boom, in June 1999. The slump in the very markets in which Future had made its key investments has created problems, but I am confident that the company has learned from these problems.
