Steven Hatch, the CEO of YouGov, has resigned following a significant drop in the company's share price during his tenure.
The international research and data analytics group, YouGov, has reportedly agreed to part ways with Hatch effective immediately, as reported by .
Stephan Shakespeare, co-founder and current chair of YouGov, will step in as interim CEO while the board seeks a permanent replacement for Hatch.
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This development follows demands from activist investor Gatemore Capital Management for an 'urgent strategic review' and the dismissal of Hatch after a substantial decrease in the company's share price over the past year.
Gatemore had written to the board insisting that Hatch be replaced by Shakespeare.
These demands were made after a challenging year for the opinion polling firm, which saw a slowdown in sales and a more than 60% drop in shares.
In June, YouGov shares plummeted over 40% in a single day following a profit warning. Since then, the company has struggled to restore investor confidence.
Since Hatch took over in August 2023, YouGov's shares have underperformed the FTSE 250 and AIM All-Share indices by 67 and 56 percentage points respectively.
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Today, Hatch expressed his gratitude to everyone at YouGov for their efforts and inspiration over the past 18 months, stating: "It is the right time for a change and I wish Stephan, the board and all at YouGov the very best for the future."
The board expressed its appreciation for his contributions. "On behalf of the board, I would like to thank Steve Hatch for his commitment and support over the past 18 months, especially during a challenging time for the Company. Steve played a crucial role in building and leading a strong leadership team and ensuring a smooth integration of the CPS acquisition", stated Shakespeare.
Alongside Hatch’s departure news, YouGov announced this morning that the company has achieved "modest growth on an underlying basis reflecting stabilisation in our core business, with strong growth on a reported basis due to the inclusion of the CPS acquisition."
The firm added: "Looking ahead, we are encouraged by the stabilisation we have seen, and therefore, the group is expecting to deliver continued modest year-on-year revenue growth on a reported basis over the course of the second half of FY25."
The previously announced cost optimisation plan to achieve £20m in annualised savings remains on track, with 70 per cent of those savings expected in fiscal 2025.