Simon Fox's move makes Trinity Mirror investors happy

Trinity Mirror shares surge 4.8% on the surprise news that departing HMV boss Simon Fox will become the new CEO.

by Elizabeth Anderson
Last Updated: 09 Oct 2013
Simon Fox recently announced that after six years he was stepping down as CEO of struggling music retailer HMV, whose shares lost 98% of their value during his tenure. Now he’s gone to another troubled business.

In a surprise move, he will become the new chief executive of newspaper group Trinity Mirror, which has struggled with falling newspaper sales and a weak advertising market. But despite the slightly left-field appointment (Fox has little experience of newspapers), investors were happy. Trinity Mirror shares rose 4.8% on Thursday, the day the news was announced.

Trinity Mirror is also treading cautiously with Fox’s pay. The company's former CEO Sly Bailey received £1.8m last year, much to the anger of shareholders and staff at a time when the firm was axing jobs and freezing salaries. Fox will get a base salary of £500,000 (although he’ll also get cash allowances and a £600,000 share option as a ‘golden hello.’

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