Sly Bailey's exit at Trinity Mirror hastened as Sir Ian Gibson quits
21:01 GMT, 25 May 2012
The departure of Trinity Mirror’s chief executive Sly Bailey was hastened last night after the group unexpectedly replaced its chairman.
Bailey, whose decade-long career at the media group coincided with the decimation of its share price, resigned earlier this month in the wake of investor anger.
She is due to leave at the end of 2012, but could be forced out sooner if a replacement is found.
Outgoing chairman Sir Ian Gibson was expected to leave later this summer.
But in an unexpected move, he last night resigned, paving the way for successor David Grigson to take over on Monday. Once Grigson is in the chair, the task of finding a new chief for the struggling media company can accelerate, as he is leading the search.
Headhunters have already been appointed, although it is not believed that they have yet picked a long list of candidates.
Trinity Mirror said the hasty handover between chairmen was ‘in order to enable a smooth transition ahead of the interim results’ in early August.
Bailey faced investors in the group’s annual meeting earlier in the month, where she met fierce criticism of her lavish severance package with stony – and uncharacteristic – silence. Some 55 per cent refused to back her pay and perks at the meeting, which took place less than a week after she resigned.
Her tenure saw the group’s share price collapse from 3.28 at her arrival to just 26.75p (0.25p higher) last night. Even in the last 12 months, shares have fallen by more than 40 per cent.
Sir Ian Gibson last night said: ‘I have enjoyed working with the Trinity Mirror team. With David Grigson as chairman, they will continue to develop their strategy.’
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