Reay, who has previously been MD of Titan Outdoor, as well as commercial director of Yahoo, is the latest high-profile name to leave TMG.
A TMG spokesman says: “Alison came back into the business after starting a family to develop a commercial strategy and framework for the Olympics and to lead the Create team. Both areas are well set up and performing, and Alison has decided that there are opportunities outside TMG that she now wants to progress.”
Last year saw the defection of chief information officer Paul Cheesbrough to News International to assume the same role.
Former editor-in-chief and MD of TMG Will Lewis left a month earlier to join News International last year.
In addition, former TMG deputy managing editor Rhidian Wynn Davies and consulting editor Chris Lloyd re-emerged at News International to work under group general manager Lewis.
The pair are leading editorial training and cost management across The Sun, News of the World, The Times and The Sunday Times.
This story first appeared on newmediaage.co.uk