The managing director of FT.com, the Financial Times' flagship website, has quit abruptly, sparking rumours that the operation faces a round of cost-cutting.

Michael Foster, the man credited with transforming FT.com into a global business portal, is leaving the company after turning down an alternative post within the Financial Times Group.

Two senior executives are being brought in to step up the process of integrating the FT Group's on and off-line publications and search for greater efficiencies, a spokesman for Pearson, the FT's owners, said last night.

Staff at FT.com fear the development could result in staff cuts. However, Pearson insists that Mr Foster's departure was entirely amicable and that no job losses were planned.

Zach Leonard, head of the recently launched FTMarketWatch initiative, and Michael Murphy, head of FT business and of the online publication of group magazines, will as sume overall control of FT.com.

"FT.com is maturing fast from a start-up to a substantial business with very strong user and revenue growth," said Financial Times group chief executive Stephen Hill.

"We have already successfully integrated our editorial and advertising teams across our newspapers and our network of business and personal financial websites. We expect major benefits from stepping up the process."

Pearson has invested heavily in FT.com over the last year in an attempt to develop a leading global business portal and compete with the online offering of arch-rival the US based Wall Street Journal.

Under Mr Foster's stewardship, FT.com monthly page impressions have risen from 7m one year ago to 27m. Revenues are forecast to climb from £5m to £16m over the same period.

Mr Hill is determined to build the FT's circulation in the US where it currently lags behind the long-established Wall Street Journal.

Useful links
FT.com