Last checked at 17 Nov 2014 14:23
Trinity Mirror plc
Trinity Mirror announces streamlined publishing operation
Trinity Mirror announces a senior management re-organisation to create a more streamlined publishing operation and improve the group's editorial output and commercial performance.
The changes will simplify reporting lines, improve the decision-making process for senior journalists and enable commercial teams to focus on driving revenue.
As part of the re-organisation, Lloyd Embley, Editor-in-Chief of the national titles is promoted to Group Editor-in-Chief and Neil Jagger currently Group Newspaper Sales and Marketing Director, is appointed to the newly-created role of General Manager MGN. Steve Anderson-Dixon is promoted to the new role of Regional Managing Director.
Paul Vickers will step down as a director and Secretary with effect from today. He will cease to be Group Legal Director (and leave the Company) on 16 January 2015, as that role will substantially diminish in scale following the restructure.
Simon Fox, Group CEO, said: "We are making rapid progress as we accelerate our digital growth and I am confident that this new organisation will enable our editorial teams to deliver great content across multiple platforms while our commercial teams can focus solely on delivering market-beating revenue performance across print and digital."
David Grigson, Chairman, said: "I would like to thank Paul for his tremendous service to the company, the board and the wider media industry over more than 20 years. He leaves with our best wishes for the future."
Enquiries:
Trinity Mirror plc
Simon Fox, Chief Executive
| 020 7293 3553
|
Brunswick
Mike Smith, Partner
Nick Cosgrove, Partner | 020 7404 5959
020 7404 5959 |
Note To Editors:
Mr Vickers is employed under a contract of employment which can be terminated on 12 months' written notice. The Company has today served that notice.
Mr Vickers will continue to work for the Company until 16th January 2015. At that point his employment will terminate and upon signing a settlement agreement with the Company he will receive a cash sum in lieu of unexpired notice and pension contributions in the sum of £412,527 before tax. He will also receive the sum of £12,296 (before tax) as a statutory redundancy payment.
As he will have served the full year of 2014, he will be entitled to a bonus under the Company's 2014 management bonus scheme to the extent that its performance targets are met. Those targets are assessed at the time of agreeing the annual accounts and are subject to external auditor review.
As Mr Vickers is leaving by reason of redundancy, he will be treated as a "good leaver" for the purposes of the Company's various share award schemes.
Mr Vickers holds nil-cost options over 128,981 shares under the Company's Deferred Share Award Plan. The vesting of those shares, which were deferred bonus judged against 2011 operating profit targets, is not subject to any further performance tests and they will vest on the normal vesting date of 17 May 2015.
Mr Vickers has three sets of nil-cost options under the Company's Long Term Incentive plan, all of which are dependent on absolute Total Shareholder Return (TSR) performance targets. There are also two separate performance underpins as set out in the Directors' Remuneration Report.
A 2012 award of up to 1,056,416 shares will vest in June 2015 judged on a sliding scale against a TSR with zero vesting at 75p and with full vesting at 200p.
A 2013 award of 307,806 (which has been pro-rated back to roughly 2/3rds of the original award) will vest in May 2016 judged on a sliding scale against a TSR with zero vesting at 150p and with full vesting at 225p.
A 2014 award of 64,304 (which has been pro-rated back to roughly 1/3rd of the original award) will vest in March 2017 judged on a sliding scale against a TSR with zero vesting at 225p and with full vesting at 350p.
Mr Vickers is already the beneficial owner of 18,901 shares awarded under the Company's Restrictive Share Plan as part of his 2013 performance related bonus. Those restrictions are due to fall away in March 2017.
Mr Vickers will continue to receive the benefit of life insurance and private medical insurance for the period for which premiums have already been paid.
-ends-