Management Restructure and Directorate Change

RNS Number : 6506O

Trinity Mirror PLC

15 October 2012

 



One Trinity Mirror - Changes to Management Structure

Trinity Mirror plc (the "Group") today announces a change in the management structure of the Group to create a more efficient model from which to develop our longer term strategic direction as "One Trinity Mirror".

The Nationals and Regionals divisions will be unified under one management structure thereby ensuring that editorial, advertising and support functions can operate as effectively as possible across all of the Group's print and digital publishing operations. This will enable an accelerated rollout of digital products across our portfolio to drive revenues.

The consolidated publishing operations will be managed by Mark Hollinshead, who is today appointed to the newly created position of Chief Operating Officer and as an Executive Director of Trinity Mirror plc.

Digital product development and the specialist digital businesses (Recruitment, Property and Digital Marketing Services) as well as the Group's contract printing operations will now be separately managed and report directly into the CEO.  

These changes allow a flatter, more efficient management structure to be adopted.

As a consequence of this new management structure, Georgina Harvey, Managing Director - Regionals and Nick Fullagar, Director of Corporate Communications will be leaving the business.  They have both made an important and valued contribution to the Group for which the Board is enormously grateful.

The Group is also announcing its intention to close Happli, the recently launched daily deals business.  It is considered that the business is unlikely to reach sufficient scale to become profitable in the near term. We will now enter into a period of consultation with staff working in the business. 

Trading remains in line with the Board's expectations. The IMS will be published on 8^th November 2012 as planned.

Simon Fox commented:

"It has very quickly been confirmed to me that Trinity Mirror is a business with great brands, passionate and dedicated people and significant unrealised potential. What has become clear in my first few weeks is that realising this potential requires a flatter and more efficient management structure that connects strategic decision making more closely with the journalistic heart of the business.

I believe the changes we are making today will create One Trinity Mirror with a unique portfolio of national and regional brands and the best structure from which to develop our longer term strategic direction. I will provide a strategic update in early 2013."

Enquires:

Trinity Mirror

Nick Fullagar                                                                         020 7293 3622

Director of Corporate Communications

FTI Consulting                                                                                       

John Waples                                                                          020 7831 3113                               Charles Palmer

Further details in relation to Mark Hollinshead

Mark Hollinshead's base pay will be £375,000 per annum. He will continue to have a bonus potential of 75% of salary, of which 50% is payable in cash and 50% in restricted shares (the release of which will be deferred for 3 years).  For 2012 the bonus is subject to a series of stretching operating profit and revenue targets. He is a member of the Trinity Mirror Pension Plan (a Defined Contribution Scheme) on a contributory basis and continues to receive a cash allowance for pensions purposes of 30% of his salary over the Plan Earnings Cap (currently £123,600). He remains eligible to participate in the new Long Term Incentive Plan that was agreed by shareholders at this year's AGM.  For 2012 he received a grant of performance shares under the LTIP equivalent in value to 85% of his then salary. It is anticipated that the future annual grant level will be 110% of salary. Vesting of the performance shares will be subject performance targets that require significant growth in the share price over a three year performance period.

There are no further disclosures to be made pursuant to paragraph 9.6.13R(1)-(6) of the Listing Rules in relation to Mr Hollinshead.

 

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