Last checked at 30 Aug 2012 14:43
Appointment of Chief Executive August 30th 2012
Trinity Mirror plc today announces the appointment of Simon Fox as Chief Executive of the Company with effect from 10th September 2012.
Simon, 51, joins Trinity Mirror from HMV, where he has been Chief Executive since 2006. He has a strong strategic background and understands structurally changing sectors. Simon led HMV through a turbulent period for the entertainment retailing industry and played an invaluable part in securing a profitable future for HMV. Previously he was Chief Operating Officer of Kesa Electricals plc and Chief Executive of Kingfisher's e-Electricals business. He founded Office World and served as its managing director until joining Kingfisher in 1998. In his early career, Simon worked for Security Pacific Bank and Boston Consulting Group. He is currently a Non-Executive Director of Guardian Media Group plc.
Simon's appointment follows an extensive search conducted in conjunction with Egon Zehnder which involved consideration of a wide field of external and internal candidates
David Grigson, Chairman of Trinity Mirror plc, commented:
"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."
Simon Fox commented:
"I am delighted to be joining the Trinity Mirror team. I have been enormously impressed by the people I have met so far and look forward to starting shortly. Whilst the Group's current financial performance is robust, we will need to continue to evolve the business to meet the changing needs of our customers."
Simon's base pay will be £500,000 per annum. He will 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 will be subject to a series of stretching operating profit and revenue targets. He will receive a cash allowance in lieu of pension of 15% of salary. He will participate in the new Long Term Incentive Plan that was agreed by shareholders at this year's AGM. For 2012 he will receive an initial grant of performance shares under the LTIP equivalent in value to 80% of his salary. He will also receive a one-off joining grant of performance shares equivalent in value to 120% of his salary. Vesting of the performance shares will be subject to performance targets that require significant growth in the share price over the performance period.
Simon will be appointed an Executive Director of the Company on 10th September 2012. There are no further disclosures to be made pursuant to paragraph 9.6.13R(1)-(6) of the Listing Rules
Enquiries:
Trinity Mirror
Nick Fullagar, Director of Corporate Communications 0207 293 3622
FTI Consulting
John Waples 020 7831 3113
Charles Palmer