Trinity Mirror appoints Simon Fox as CEO
Trinity Mirror, publisher of the Mirror, the People and more than 130 regional newspapers, has appointed former HMV boss Simon Fox as its chief executive.
Fox stepped down from the ailing entertainment retailer after six years at the helm earlier this month.
He takes over from Sly Bailey, who stepped down from the Trinity Mirror chief executive post in June to explore “new opportunities”,
Fox leaves one brand struggling with changing consumer media habits to another.
Under his leadership, HMV employed a turnaround strategy to shift from being a retailer to an entertainment brand. After a series of quarterly declines in recent years, as consumers switch from buying physical goods such as DVDs and CDs to digital downloads and streaming, the company expects to be back in profit in 2013.
Trinity Mirror reported revenue of £356m in the six months to 1 July, down 4 per cent year on year. The group’s operating profit, however, was up 11.5 per cent to £52.5 million in the period as it continues its drive towards new products and services across multiple digital channels.
Its flagship newspaper The Daily Mirror reported a print circulation decline of 7.3 per cent year on year in July, according to the latest ABC figures.
Fox joins the publisher at a turbulent editorial juncture, following the recent dismissal of the editors of the Daily Mirror and Sunday Mirror, Richard Wallace and Tina Weaver, in May as the titles moved to a cost-saving seven-day publishing model.
Trinity Mirror says it appointed Fox after an “extensive search”, which considered a “wide field” of external and internal candidates.
David Grigson, chairman of Trinity Mirror, says: “Simon will provide the strategic leadership the company needs. His experience gives him a current and in-depth understanding of how consumers’ habits are changing and the technology that is driving these changes. He is a great team player and leader and his skills and experience perfectly complement those of the existing executive team.”
Fox takes up the role on 10 September. Trinity Mirror’s chief finance director Vijay Vaghela had taken over the day to day running of the company on an interim basis following Bailey’s departure.
