Roy Greenslade on Sly Bailey

Posted: February 25th, 2014

From Roy Greenslade’s blog in The Guardian:
Sly Bailey set to scoop another £800,000 from Trinity Mirror. Here is a story guaranteed to sink the hearts of every current and former member ofTrinity Mirror’s staff.
The Sunday Times’s Oliver Shah reports  that the deposed Trinity Mirror chief executive Sly Bailey is on the verge of picking up a tranche of shares in the company worth more than £800,000. With TM’s shares having risen to 227p since her enforced departure in June 2012 (with a £900,000 pay-off) she is evidently set to benefit through the company’s executive pay scheme.

When she went, the share price stood at 25p. And, as Shah reminds us, despite TM’s value having fallen by 90% under her tenure, she pocketed millions during her nine-year tenure.

Her successor Simon Fox has out-performed analysts’ expectations without the kind of cost-cutting that was Bailey’s hallmark. Earlier this month, Fox was able to announce a profit upgrade.

Full disclosure: I have a small number of shares in Trinity Mirror and I am in receipt of a Mirror pension.