June 15, 2012 / 9:53 AM / 6 years ago

Trinity Mirror CEO steps down with immediate effect

LONDON (Reuters) - Sly Bailey will step down as chief executive of Trinity Mirror with immediate effect and not at the end of the year as planned, the newspaper group said on Friday.

Sly Bailey, chief executive of Trinity Mirror arrives at the Leveson Inquiry at the High Court in London January 16, 2012. REUTERS/Stefan Wermuth

Bailey announced in May that she would step down from the publisher of the Daily Mirror tabloid after shareholders took issue with her large pay package at a time of prolonged falling profits and sales.

Since the announcement the group has fired the long-serving editors of its daily and Sunday tabloids and moved to a seven-day publishing model to improve efficiency.

Trinity Mirror said Finance Director Vijay Vaghela would work with the newly appointed Chairman David Grigson to run the group until a new chief executive is found.

“Despite the deep economic downturn, the actions she has taken with her team have ensured the company has consistently delivered robust profits,” Grigson said. “We wish her well for the future.”

Reporting by Kate Holton

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