Rise & fall of Trinity Mirror
TRINITY Mirror chief executive Sly Bailey handed in her resignation last night after shareholders took issue with her large pay package in the midst of falling profits and sales.
Bailey received almost £1.8m in cash and share awards last year, while the company’s operating profit fell 15 per cent to £104m, despite cost cuts that included axing jobs and freezing salaries.
The group owns The Daily Mirror and the Daily Record but shares have plummeted from 719p to 32p under her tenure.
“I feel the time has come to hand over to someone else to take up the challenge and for me to seek new challenges and opportunities elsewhere,” said Bailey.
Non-executive chairman Ian Gibson said in a statement: “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.”
Bailey will step down at the end of the year, by which time she will have been CEO for almost a decade.
She was criticised earlier this year for being on holiday when the firm announced plans to sack a further 75 journalists.