Ex-Future chief to step down as chair of advertising giant M&C Saatchi
The former CEO of Bath-based media group Future, Zillah Byng-Thorne, is to step down from as non-executive chair of M&C Saatchi, the world’s largest independent creative network.
Ms Byng-Thorne took up the role at M&C Saatchi in June 2023, two months after quitting Future, where she was widely acknowledged as turning around its fortunes in her nine years at the helm.
London-headquartered M&C Saatchi said today she had decided leave due to other executive and non-executive commitments and increased regulatory responsibilities.
In a statement to the London Stock Exchange, it said she intends to step down with effect from the conclusion of the company’s annual general meeting on 15 May.
Ms Byng-Thorne said: “It has been my privilege to lead this great company as both non-executive chair and executive chair since joining in June 2023.
“Since then, the business has made huge progress on its transformational journey towards sustainable and profitable growth. I am very proud of what our people have achieved in this short time and I am encouraged by the strong foundations that have been laid for this fantastic brand.
“I leave the company with an improved outlook, a highly capable, enthusiastic and experienced management team, led by [global CEO] Zaid Al-Qassab, as well as a very strong and committed board.”
Ms Byng-Thorne’s departure from Future, whose titles include Country Life, Classic Rock and Decanter and also owns the Go Compare insurance price comparison website, caused shock waves in the media sector and the City when it was announced in September 2022, wiping £300m wiped off its market value.
She had joined Future in November 2013 as group chief financial officer from Trader Media Group – owner of AutoTrader – where she had been chief executive – and moved up to become CEO the following April.
Within a month she launched a 45-day consultation with Future’s entire 900-strong workforce on a major restructuring of the business and within six months the group had axed hundreds of staff, changed the working practices of many others, sold most of its sport and craft titles and brought in a new management team.
By the end of its 2013/14 financial year it had slumped to a £35.4m annual loss on sales down from £82.6m to £66m.
The group then began its often dizzying but highly successful buy-and-build policy which has included snapping up the firm behind Go Compare insurance for £594m, the £300m takeover of magazine publisher Dennis – which greatly expanded its reach in the US – and the £140m takeover of TI Media, which added 40 titles including Horse & Hound, Woman & Home and Wallpaper, to its portfolio.
