New chief executive for Trinity Mirror

Posted: August 31st, 2012

Trinity Mirror plc has appointed Simon Fox as chief executive (Sept 2012). Simon, 51, joined Trinity Mirror from HMV, where he has been chief executive since 2006. Simon led HMV through a turbulent period for the entertainment retailing industry and played an invaluable part in securing a profitable future for the company.

Previously he was COE 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. He is currently a non-executive director of Guardian Media Group plc.

David Grigson, chairman of Trinity Mirror, said: “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 said: “I am delighted to be joining the Trinity Mirror team. I have been enormously impressed by the people I have met so far. While 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.