Sly Bailey quits Trinity Mirror six months early

Sly Bailey today left Trinity Mirror with immediate effect, as the troubled newspaper group did a U-turn on plans for her to stay until the end of the year.

Long-serving finance director Vijay Vaghela takes over as interim chief executive from his old boss, who was at the helm for nine-and-a-half years.

Bailey is expected to walk away with almost £1 million — equivalent to 12 months’ pay in base salary and pension.

She announced her intention to step down as chief executive on May 3, after a massive shareholder revolt over her £1.3 million-a-year pay, but agreed to remain while a successor was found.

At the time, Trinity’s then chairman Sir Ian Gibson dismissed suggestions she was getting a £1 million pay-off, saying she was working eight months of her notice. Her departure today means she has worked just six weeks.

The group has been rocked by continued turmoil as it axed the editors of its two flagship newspapers, the Daily and Sunday Mirror, a fortnight ago. Gibson also abruptly quit two months early, allowing his successor David Grigson to take over on May 29.

Grigson remains under pressure from shareholders to find Bailey’s replacement as the share price, which fell 90% during her nine-year reign, has continued to slide to fresh lows. Bailey said “Newspapers are a business like no other and it’s been an absolute privilege to have led Trinity Mirror in this fascinating and all-consuming role.”