Bailey quits Trinity Mirror post early

Deputy Business Editor

Saturday 16 June 2012

TRINITY Mirror chief executive Sly Bailey has left the media company six months earlier than anticipated with a six-figure pay off which is believed to be worth around £900,000.

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Greig Cameron deputy business editor

Last month, she announced her intention to step down from the stock market listed business, which owns the Daily Record, at the end of this year. That would have seen her work a notice period and leave without any further payment. But her abrupt departure means she is due a portion of her annual £750,000 basic salary plus some pension entitlement.

The company's annual report states any executive director leaving, other than for gross misconduct, is entitled to receive compensation equal to 12 months of salary and pension loss.A spokesman for Trinity confirmed the terms of Ms Bailey's contract would be honoured.The company is likely to have saved some money as Ms Bailey's contract also stipulated she would be entitled to a pro-rata bonus payment if her contract was terminated after six months of a financial year.For 2011, she received a cash bonus of £248,000.Almost 46% of shareholders at Trinity's annual general meeting voted against the remuneration packages of the directors for 2011 including Ms Bailey's £1.7m.She had joined Trinity Mirror from IPC Media.Ms Bailey had been with the company, which also has the Daily Mirror and Sunday Mirror in its stable, since 2003 but has faced mounting criticism in recent years. Her own remuneration has stayed high even though she has cut hundreds of jobs across the business and the dwindling share price has seen the market capitalisation plunge from £1.1 billion to around £65m during her tenure.Trinity has paid no dividend since 2008 and also has a large pension liability.Yesterday, Ms Bailey said: "Newspapers are a business like no other and it's been an absolute privilege to have led Trinity Mirror in this fascinating and all-consuming role."Long-serving finance director Vijay Vaghela, who has been with Trinity since 1994, will step in as interim chief executive.Headhunters from Egon Zehnder International are assessing internal and external candidates in the search for a successor.Trinity's share price ended the day up 2.85% at 27 pence.

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Bailey quits Trinity Mirror post early

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