John Ridding, group chief executive of the Financial Times, will step down after almost 20 years in which he has led the global media group through one of the most turbulent periods of change for the news industry.
Taking over in 2006, he oversaw the shift of a publishing business dependent on traditional print revenues to one that generates two-thirds of annual revenues from digital subscriptions and advertising.
In a memo to staff on Thursday announcing the move, Ridding said that he was stepping down at a time when the FT’s “readership, subscriptions and revenues are at all-time highs”, with “exceptional journalism reinforcing our reputation for trust and authority at a crucial time for international news media”.
Ridding, 59, managed the 2015 sale of the FT from Pearson to Nikkei, and has since been a special executive director of the Japanese media group.
Nikkei is set to announce his replacement soon. The new chief executive will take over at the start of July, when Ridding will step down from the management board.
Naotoshi Okada, group chief executive of Nikkei, said Ridding had “stewarded the group through a period characterised by rapid international growth, diversification and digital transformation and leaves the business in robust health”.
The FT reported operating revenues of £540mn last year, up from just over £500mn in 2023. The group has a global paying audience of 2.9mn, which includes 1.5mn online and print subscribers, as well as individuals who pay for events and FT Specialist publications.
In the note to staff, Ridding said that “it seems clear that a new phase of disruption is under way, with challenges ranging from generative AI to generational change and new reader habits and demands. So, this feels like a good moment for a new phase of leadership.”
Ridding has been appointed as a special adviser to Nikkei, reporting to Okada, as well as taking a newly created non-executive role of honorary FT chairman to support further collaboration between Nikkei and the FT. Okada said: “We want to exploit John’s deep expertise and experience in leading change, digitisation and developing international partnerships.”
Ridding became chief executive in 2006, when the FT still made the vast majority of its revenues from print advertising and circulation sales. Ridding has been at the FT for 35 years, starting as a junior sub-editor in the newsroom, then foreign correspondent based in Hong Kong, Paris and Seoul, becoming managing editor, features editor, deputy editor and Asia editor before moving to the commercial side of the news group.
In the note to staff, Ridding said that it had been a “crucial period of the FT’s history”, adding: “Together we have navigated global crises, dramas and technological transformation and built a diverse portfolio that supports our gold standard journalism and strengthens our iconic brand.”
