UPDATE 1-Future CEO and FD resign, names replacements

Thu Oct 27, 2011 2:55am EDT

* Says CEO Stevie Spring & FD John Bowman to step down immediately

* Names Mark Wood new CEO, Graham Harding finance chief

Oct 27 (Reuters) - British publisher Future Plc said it chief executive and finance chief resigned with immediate effect, months after the company warned on its full-year results and said it would undertake a restructuring of its businesses.

Future, which publishes magazines for computer games, cycling and photography fans, also named Mark Wood as the new chief executive and Graham Harding as finance director to replace outgoing Stevie Spring and John Bowman respectively.

In July, the company said the faster transition of its U.S. business to a primarily digital model and a reorganisation of its UK business are expected to result in job cuts and one-time cash costs.

"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," Future said in a statement.

Prior to his appointment as chief executive, Wood was in charge of the company's UK business, while Harding served as its finance director.

Future's shares, which have lost more than 60 percent of their value since the year started, closed at 10.38 pence on Wednesday on the London Stock Exchange, valuing the business at 34.2 million pounds ($54.4 million). ($1 = 0.628 British Pounds) (Reporting by Anirban Sen in Bangalore; Editing by Joyjeet Das)

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