Any change at the top of a business is a big deal. When the company is a FTSE 250 constituent with a significant market-cap, it’s even more important. A new CEO can signal a change in direction that could help the stock outperform in the coming years. Here are two companies that could slot in this category.

Looking to the future

First up is Future (LSE:FUTR), a specialist media company operating a global platform of over 200 brands across content verticals. The group delivers content via websites, email newsletters, magazines, and live events. It mainly makes money from selling advertising space, subscriptions and via affiliate partners.

Over the past year, the stock is down 27%. Some of the reasons for the move lower are macroeconomic headwinds, advertising softness, and competitive pressures from larger US media peers.

The underperformance is one reason why Kevin Li Ying officially assumed the role of CEO at the beginning of April this year. A 20-year veteran of Future, he has served as the executive vice president of the company’s business-to-consumer division before getting the promotion.

The move could help to spark a turnaround for Future and the stock price. He’s helping to push the growth acceleration strategy, which revolves around focusing on growing audience engagement, optimising the brand portfolio, and boosting revenue per user. Further, he’s pushing investment in US digital advertising and the use of AI. This could help to win back market share in the region.

It’s still too early to tell whether the new CEO will make a big difference, but the early signs are positive from my view.

A new lick of paint

Another company with a new CEO is Halfords (LSE:HFD). Henry Birch took over in April, bringing turnaround experience from his previous posts.

The stock might be up 1% in the last year. However, his experience is needed, given that Halfords is still trying to break out from a traditional cycling and motoring retailer into a much broader services provider. I think the strategy makes sense, as it provides a more diversified revenue source for the company in the future. At the same time, the latest results show that motoring services now account for 80% of the company’s sales!

Based on recent comments, Birch is expected to drive further growth by enhancing Halfords’ digital capabilities. This should allow it to scale faster but in a more efficient way. Further, he’s looking to expand its service offerings even more. I think this is smart, but it needs to be careful that the business doesn’t go to the other extreme in offering everything and not really specialising in anything.

One risk from now on is higher labour costs, fuelled by higher inflation. The company has already warned about experiencing higher costs in this area. With a large workforce, rising UK inflation could pose a challenge for Birch as he aims to boost profits in the coming year.

Overall, I think both FTSE 250 stocks are worth investors considering.