Trinity Mirror turns to HMV’s Simon Fox to replaced ousted Sly Bailey

By PERRY GOURLEY
Published on 31/08/2012 00:00

NEWSPAPER group Trinity Mirror yesterday named outgoing HMV chief Simon Fox as its new chief executive following the ousting of Sly Bailey in May.

The publisher, whose titles include the Daily Record and Sunday Mail, as well as the Daily Mirror and People, confirmed the appointment after a board meeting yesterday.

Trinity Mirror said Fox had been chosen following an “extensive search which involved consideration of a wide field of external and internal candidates” which is understood to have included Mark Hollinshead, the managing director of its national newspaper division.

Fox, who had already announced plans to leave HMV next month after six years at the troubled retailer, will receive a basic salary of £500,000 with the opportunity to earn a cash and shares bonus of £375,000.

Under a long-term incentive scheme he will also receive shares equivalent to up to £1.6m but the company said significant growth in its share price would be needed for the shares to vest.

Trinity Mirror chairman David Grigson said 51-year-old Fox, who turned down the opportunity to run ITV two years ago, was a “great team player and leader”.

“He will provide the strategic leadership the company needs. His experience gives him a current and in-depth understanding of how consumers’ habits are changing and the technology that is driving these changes.

“His skills and experience perfectly complement those of the existing executive team.”

Fox, who will join the company on 10 September, said he had been “enormously impressed” by the people within the company.

“Whilst the group’s current financial performance is robust, we will need to continue to evolve the business to meet the changing needs of our customers.”