TRINITY Mirror Group yesterday announced it has hired Simon Fox, the outgoing boss of struggling music retailer HMV, as its new chief executive after Sly Bailey stepped down in June.
Fox will be tasked with using his understanding of the digital world and its impact on consumer habits and traditional retail markets to help counter the group’s falling newspaper sales and revive its fortunes.
Chairman David Grigson said Fox “will provide the strategic leadership the company needs.”
The company behind the Daily Mirror national tabloid as well as over 100 regional titles said that Fox will be paid £500,000 a year with a potential 75 per cent bonus dependent on “stretching” profit and revenue targets.
Former chief Sly Bailey had received £1.8m in cash and share awards in 2011, a package that incensed shareholders and staff at a time when the firm was axing jobs and freezing salaries.
Fox, who unexpectedly resigned as chief executive of HMV earlier this month after six years at the helm, is due to take over at Trinity on 10 September.