Under-fire Trinity Mirror boss Bailey quits six months early

EMBATTLED Trinity Mirror chief executive Sly Bailey has stepped down immediately from the newspaper group after her departure was brought forward by six months.

The publisher of the Daily Record and Sunday Mail, as well as the Daily Mirror and Sunday Mirror, announced that it had hired head-hunters Egon Zehnder International to search for her replacement.

Bailey’s earlier-than-planned departure follows the arrival on 29 May 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 with Grigson, until a permanent successor is appointed.

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.

The firm suffered a revolt over its pay plans at last month’s annual general meeting, with nearly half of shareholders who voted giving the thumbs down to the directors’ remuneration report. Investors were angry at 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, including the Ayrshire Post and Stirling Observer, has seen shares slump from more than £7 in 2005 to around 26p valuing it at £66.4 million.

It has suffered sharp falls in advertising revenues and circulation, as has the rest of the industry.