Activist investor calls for YouGov CEO to step down

January 16th, 2025

Activist investor Gatemore has called for YouGov CEO Steve Hatch to step down amid ongoing poor operating performance.

Gatemore reported that conversations with various stakeholders had revealed “widespread disappointment” with Hatch’s tenure and “overwhelming frustration” over the poor operating performance under his leadership.

Since Hatch took on the CEO role in August 2023, YouGov shares have underperformed significantly, lagging behind the FTSE 250 by 67 percentage points, according to the investor.

Gatemore attributed the underperformance to budgeting failures, mishandled investor communication, inconsistent financial guidance and a lack of strategic clarity.

In an open letter to YouGov, Gatemore said: “In short, the current CEO’s first 18 months at the helm have been a disaster, and we believe the market has lost faith in his leadership."

“We must not allow YouGov’s extended period of operational underperformance and share price stagnation to persist, as it would further erode what is left of stakeholder trust and impede a successful strategic review.”

Gatemore suggested that Stephan Shakespeare, who founded YouGov in May 2000, is the best positioned candidate to drive the necessary changes at the company.

The recommendation is based on Shakespeare’s extensive understanding of both the company and the media research industry, as well as his track record during his previous tenure as CEO.

Gatemore manages the Gatemore Special Opportunities Fund, which owns 1.5 million shares, equivalent to 1.3%, stake in YouGov, the UK-based market research and data firm known for conducting opinion polls and survey panels.

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