Key facts
- YouGov Chief Executive Steve Hatch has stepped down with immediate effect.
- Stephan Shakespeare, YouGov's chairman, will serve as interim CEO.
- Activist investor Gatemore Capital had publicly called for Hatch's replacement.
- YouGov reported modest growth for the half-year ending January 31.
- The company is on track to achieve £20 million in cost savings.
YouGov's Chief Executive Steve Hatch has stepped down from the research firm with immediate effect, following pressure from activist investors over the company's performance and share price slump. Chairman Stephan Shakespeare will take over as interim CEO while the company searches for a permanent successor.
Hatch's departure comes after Gatemore Capital, which holds a 1.3% stake, wrote to the board last month urging for his replacement and a strategic review to address the company's "lacklustre share price performance." Hatch thanked his colleagues for their work over the past 18 months, stating it was the "right time for a change."
Shakespeare expressed gratitude for Hatch's commitment during a challenging period and stated his intention to work with the leadership team to drive growth. Gatemore Capital welcomed the leadership change but reiterated its belief that a sale process would be the optimal solution for the company's challenges.
The company reported "modest" growth for the half-year ending January 31, partly due to the acquisition of GfK’s consumer panel services business. YouGov also confirmed that its plans to achieve £20 million in cost savings are on track, with 70% expected within the current financial year.