THE chief executive of Daily Record owner Trinity Mirror has announced plans to leave at the end of this year amid shareholder pressure over pay.
Sly Bailey was expected to face a challenge to her £1.7 million remuneration package at the company's annual general meeting next Thursday.
Investors at other firms are also increasingly showing dissatisfaction with executive rewards.
Already this year 31.5% of Barclays shareholders voted against its remuneration report, 40% gave the thumbs down at mining giant Xstrata and yesterday 50% voiced their opposition at Aviva pay packages.
Ms Bailey has been with the newspaper publisher, which also owns the Sunday Mail and several local newspapers in Scotland, since 2003, during which time its market capitalisation has dipped from £1.1 billion to around £80m.
Her pay awards have regularly attracted criticism, particularly as the company has cut hundreds of jobs across the UK under her tenure. She has earned around £14m in her time with the business.
At a board meeting in London she handed in her notice, but will stay on until December.
She said: "For the past 10 years I have had the privilege of being CEO of Trinity Mirror Plc, a fascinating and all consuming role.
"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. My priority is to continue to run the business, and the best possible performance for 2012."
As she will work her notice it is understood she will not receive a pay off.
Chairman designate David Grigson will lead the recruitment process for a new chief executive with internal and external candidates to be considered.
Current chairman Sir Ian Gibson said: "The company and board are grateful to Sly for her contribution and leadership and wish her well for the future."
The announcement came after the market closed. Trinity Mirror's shares had ended down 0.8% at 32.25p.
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