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LONDON (Alliance News) - Shares in publishing group Reach PLC fell sharply Monday after saying its long-standing finance director, Vijay Vaghela, will stand down sometime over the next twelve months after nearly quarter a century at the company.
The stock was 8.7% lower at 69.60 pence on Monday.
Vaghela joined Reach - known as Trinity Mirror PLC until May - in 1994. He will leave in order to pursue "other career opportunities". Vaghela has a twelve-month notice period and will remain at the firm until a successor has been recruited, Reach said.
"I am hugely grateful to Vijay for the extraordinary impact he has had on the business over the past 24 years," Reach Chief Executive Officer Simon Fox said. "He will leave the business in a strong state, having delivered a transformational acquisition, renegotiated the triennial pension funding valuations and put in place a four-year finance facility. He will leave with our very best wishes for the future."
Reach changed its name after it completed the GBP126.7 million acquisition of the UK publishing assets of Richard Desmond-owned Northern & Shell. The deal added titles such as the Daily Express, Sunday Express and OK! magazine to its Mirror and Express newspaper portfolio.
