YouGov (YOU.L) boss Steve Hatch has stepped down from the research firm after criticism of its performance by activist investors.

Shares in the company have dropped by more than half since he became chief executive in 2023.

The London-listed company, which is well known for its political polling, said Mr Hatch has left the company with immediate effect and will be replaced by current chairman, and previous chief executive, Stephan Shakespeare on an interim basis.

It will also launch a recruitment process to find a permanent successor.

Mr Hatch’s exit comes after activist shareholder Gatemore Capital wrote to the firm’s board last month calling for him to be replaced.

Gatemore, which owns a 1.3% stake in the business, called for an interim boss to come in and undertake a strategic review of the firm to revive its ailing share valuation.

On Tuesday, Mr Hatch said: “My sincere thanks to all at YouGov for their hard work and inspiration over the last 18 months.

“It is the right time for a change and I wish Stephan, the board and all at YouGov the very best for the future.”

Mr Shakespeare said: “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.

“I look forward to returning to the role of CEO on an interim basis and to working with the broader leadership team as we execute against YouGov’s strategy to drive growth in the medium term.”

Gatemore welcomed the change in leadership but stressed that the company should look at a possible sale.

Liad Meidar, managing partner of Gatemore, added: “Following our calls for the company to take urgent action to address the gap between YouGov’s intrinsic value and its lacklustre share price performance, his appointment is the decisive step that the company needs.

“We remain convinced that a sale process is the optimal solution to the company’s challenges and urge the company to conduct a comprehensive strategic review.”

It came as the company reported “modest” growth over the half-year to January 31, as it benefited from the acquisition of GfK’s consumer panel services (CPS) business.

YouGov added that plans to save £20 million of costs are on track, with 70% of these savings to be secured over the current financial year.

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