Private Frazer’s Doomed Magazines

October 27, 2011

Silent Spring

Filed under: Future Publishing — privatefraser @ 8:39 am
Tags: ,

From PaidContent:

“Magazine publisher Future is “eliminating an entire tier of overhead” in the shape of CEO Stevie Spring and FD John Bowman…Spring will be replaced by Future’s UK CEO, Bowman replaced by UK finance director Graham Harding.”

Bath pubs should expect a significant upsurge in business today, as the remnants of Future’s staff hit the bars in celebration.

Some interesting facts:

  • In the year from October 2010, Spring’s salary was £400,000, Bowman’s was £246,000 .
  • Spring also had a £160,000 performance-related bonus, Bowman £39,000.  (You have to ask if they can get £200K for last year’s dismal performance, what sort of bonus they would have got if they’d actually achieved anything.)

A nice quote for Chairman Peter Allen “[These departures] achieve substantial savings by eliminating an entire tier of corporate overhead.”

How Stevie likes her years of tireless self-promotion dedication dismissed as ‘corporate overhead’ is not known.

And is it just me, or do the statements and the speed of this move suggest that the departures were not, perhaps, entirely voluntary? The corporate statement says “ Stevie Spring, CEO, and John Bowman, FD, have resigned with immediate effect.” No warm words from Stevie, no handover period, no farewell tour – just ‘resigned with immediate effect.’

My work here is done.

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