SHARES in newspaper publisher Johnston Press soared by more than 11 per cent after it announced the resignation of chief executive Ashley Highfield.

Edinburgh-based Johnston, whose titles include The Scotsman and Yorkshire Post, said Mr Highfield is stepping down for family reasons. It also signalled Mr Highfield’s intention to build a portfolio of non-executive directorships in the next phase of his career.

Mr Highfield has been chief executive since 2011. His tenure has played out against a backdrop of steady declining print circulations across the national and local newspaper industry, and the migration of readers to online platforms.

Mr Highfield also saw off a bid by activist investor Christen Ager-Hanssen to clear out the board and draft in former First Minister Alex Salmond as chairman last year.

Johnston highlighted an improvement in its fortunes earlier this month when it reported a pick-up in regional print advertising and a reduction in annual losses to £95 million before tax in 2017 from £300.7m the year before. Talks continue with stakeholders over refinancing £220m of bonds, which are due for repayment in 2019.

Johnston said Mr Highfield’s last day will be on June 5 and that he will receive no salary after this date or further payments in lieu of notice. He has previously agreed to defer a £249,000 awarded to him in respect of meeting targets for the firm’s 2017 financial year. His remuneration for 2017 totalled £808,000. Mr Highfield, who will be replaced by chief financial officer David King, described the acquisition of the i newspaper in 2016 as a “particular highlight” of his tenure.