Sly Bailey quits Trinity Mirror after threat of rebellion over bonuses

Sly Bailey, chief executive of Daily Record and Sunday Mail publisher Trinity Mirror, yesterday announced she was stepping down amid growing shareholder anger over her pay package.

Sly Bailey, chief executive of Daily Record and Sunday Mail publisher Trinity Mirror, yesterday announced she was stepping down amid growing shareholder anger over her pay package.

The move came as the group, which also publishes the Daily Mirror, Sunday Mirror and more than 130 local and regional newspapers including the Ayrshire Post and the Stirling Observer, prepares to face down a potential revolt over executive pay at its annual meeting next week.

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The group was reported to be facing a shareholder rebellion over pay after the Association of British Insurers issued an “amber-top alert” over Trinity’s new bonus plan, urging investors to think hard before waving it through.

This is despite the group having modified the scheme to slash Bailey’s maximum short-term bonus by £500,000, although her potential long-term incentives would be increased by a similar sum. Her £750,000 salary was left unchanged, despite calls from some investors for her to take a pay cut.

Trinity’s share price has plunged 90 per cent in the ten years Bailey has been in charge. News of her announcement came after the stock market closed yesterday.

Bailey said: “For the past ten years I have had the privilege of being chief executive of Trinity Mirror.”

She added: “Now I feel the time has come to hand over to someone else to take up the challenge and to seek new challenges and opportunities.”

Trinity chairman Sir Ian Gibson, who is stepping down in August, said: “The company and the board are grateful to Sly for her immense contribution and leadership over an extended period and wish her well for the future.”

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