Trinity chairman Gibson makes an early exit

The exit of Sly Bailey as chief executive of Trinity Mirror looked yesterday as though it could happen sooner than expected, after the troubled newspaper group abruptly replaced its chairman.

Sir Ian Gibson, who was due to stand down as chairman on 2 August, will now leave on Monday, in another sign that shareholders are demanding urgent changes at the Daily Mirror's owner.

His departure paves the way for incoming chairman David Grigson, a former chief financial officer of Reuters and Emap, to step up the search for Ms Bailey's successor.

Ms Bailey announced her resignation this month after an investor revolt over her pay and performance, but agreed to stay until December while her replacement is found. Investors lost patience with Ms Bailey who earned £14m during her nine-year reign but did not cut her pay, despite the share price slumping more than 90 per cent.