Mirror boss Sly Bailey leaves six months early
Embattled Trinity Mirror chief executive Sly Bailey has left the newspaper group after her departure was brought forward by six months.
The publisher of the Daily Mirror and Sunday Mirror announced Ms Bailey was stepping down with immediate effect and said it was moving forward with the search for her replacement, with help from head-hunters Egon Zehnder International.
Ms Bailey's earlier-than-planned departure follows the arrival on May 29 of chairman David Grigson, who replaced Sir Ian Gibson - a move that was also brought forward.
Trinity Mirror said group finance director Vijay Vaghela will take on the chief executive duties, working closely with Mr Grigson, until a permanent successor is appointed.
Mr Grigson said: "The company and the board are grateful to Sly for her immense contribution and leadership over nearly 10 years. Despite the deep economic downturn, the actions she has taken with her team have ensured the company has consistently delivered robust profits. We wish her well for the future."
Ms Bailey said: "Newspapers are a business like no other and it's been an absolute privilege to have led Trinity Mirror in this fascinating and all-consuming role.
"Everything I've achieved during my time here has been underpinned and supported by the hard work, commitment and enthusiasm of our tremendous staff."
Ms Bailey announced last month that she planned to step down amid a furore over executive pay and performance at the group, but was originally expected to leave by the end of the year.
Trinity Mirror's share price has plunged more than 90 per cent in the 10 years that Ms Bailey has been in charge as the newspaper industry battled declining print sales amid competition from the internet.
The firm suffered a revolt over its pay plans at last month's annual general meeting, with nearly half of shareholder votes cast made against its directors' remuneration report.
Investors were angry at Ms Bailey's large pay packet in the midst of falling profits and sales.
Trinity Mirror has been one of a number of firms to face the wrath of investors as part of a so-called "shareholder spring" that has also claimed the scalp of Aviva chief executive Andrew Moss.
Trinity Mirror, which publishes 160 local and regional newspapers, has seen shares slump from more than £7 in 2005 to just 26.1p today, valuing it at £66.4 million.
It has suffered sharp falls in advertising revenues and circulation, as has the rest of the industry.
In the group's most recent update on trading, it said revenue for the 17 weeks to April 29 fell 4 per cent as ad spending in its titles dropped 11%.
Newcastle manager taunted again as his side loses to Stoke
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
British man raped while urinating in bushes at Oktoberfest beer festival in Germany
George Clooney and Amal Alamuddin wedding: The famous congratulate actor and human rights lawyer after Venice nuptials
- 1 Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
- 2 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 3 The Simpsons death: Creator Al Jean would 'kill himself' before a character like Homer or Lisa
- 4 British man raped while urinating in bushes at Oktoberfest beer festival in Germany
- 5 Pope Francis assures atheists: You don’t have to believe in God to go to heaven
- < Previous
- Next >
£30000 - £34000 per annum: Sauce Recruitment: A new and dynamic drinks and FMC...
£25 - 30k (DOE): Guru Careers: An Application Support Engineer / Graduate Soft...
£45-50k + Excellent Benefits: Guru Careers: An Account Director / AD with a st...
£Competitive + Benefits: Guru Careers: We are seeking a Digital Account Direct...