Trinity Mirror boss Bailey to quit

THE boss of Trinity Mirror – the publishing group behind The Liverpool Post and Echo and The Manchester Evening News – is to quit her job.

Sly Bailey, who has come under fire over the size of her bonus at a time when the value of the group has tumbled, will stand down at the end of the year.

Trinity Mirror, which also own national titles the Daily Mirror, Sunday Mirror and The People, has seen its stock market value slump 90% to £97m over the last decade. During this period Ms Bailey has earned some £14m in pay and bonuses.

The company is said to have come under pressure in recent months over the size of her short term bonus, which was cut by £500,000, but there was further criticism after the group hiked the amount she was entitled to receive in shares to 144% of her £750,000 annual salary.

In a statement Trinity Mirror said: “By December she will have served almost 10 years with the company during which she has led it through the worst and longest economic downturn the country has seen.

“Despite the challenging environment the actions she has taken, together with her team, have ensured the company has consistently delivered robust profits. Importantly, Sly has also established the basis of a digital strategy for the group going forward.”
 
Sly Bailey said “For the past 10  years I have had the privilege of being CEO of Trinity Mirror Plc, a fascinating and all consuming role. Newspapers are a business like no other.
 
“Now 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.”