The CEO of special interest media publisher Future, Stevie Spring, has resigned with immediate effect as the company announces the elimination of "an entire tier of corporate overhead".

Spring became CEO of Future in 2006 and at the end of 2009 it was reported that the company was to increase her salary from £305,000 to £400,000.

According to a release she will be replaced by Mark Wood, currently head of Future UK. The company's finance director John Bowman has also resigned, to be replaced by the UK's finance director Graham Harding. Wood and Harding's UK roles are not being replaced.

In a release chairman of Future, Peter Allen, thanked Spring and Bowman  "for their considerable contribution in leading Future through a period of unprecedented change".

"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.

"The board is confident that the market-leading progress in generating digital revenues will continue under Mark's stewardship. He and Graham can now manage a more profitable business to the benefit of both shareholders and staff."

In July it was reported that Future was planning to cut around 100 jobs based in the UK and worldwide, following a five per cent circulation revenue fall in the previous nine months.

The company is due to announce its results for the year ending 30 September on 24 November. In a trading statement issued in February the group reported that print advertising revenue had fallen 10 per cent year-on-year in the last quarter of 2010, while digital grew by 25 per cent.

Last week Future reported that Apple’s new Newsstand app had resulted in two million digital downloads of Future Publishing titles in the first four days of its release, with consumer spending said to be well in excess of normal monthly revenues.
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