Simon Fox shock departure

Posted: July 29th, 2019

With thanks to Press Gazette:

Reach chief executive Simon Fox is stepping down in August, the Mirror, Express and Star publisher has confirmed. Fox will be succeeded by Jim Mullen, a former News International (now News UK) director of digital strategy, and more recently chief executive of betting firm Ladbroke Coral.

Fox has spent seven years with Reach. He said: “There is never an ideal time to leave an organisation, but if there were it would be now. The integration of the Express and Star has been successfully completed, digital growth is accelerating and our trading and cash positions are strong.

“I am proud of what has been achieved and will provide Jim with whatever support is required to ensure a smooth handover.”

Mullen said: “I am delighted to be joining Reach at such an exciting time and look forward to building upon its digital transformation.”

Reach reported savings of £11m for the year so far, £6m of which is the result of “synergies” following the merger of the Mirror, Express and Star. It is on track to made £15m in annualised savings this year, and £22m in 2020, as well as £10m in structural cost savings for the year.

Reach chairman Nick Prettejohn said Fox “leaves Reach in very good health, with a strong balance sheet and real progress in developing the business for the future”. He added: “We have an excellent successor in Jim and I am pleased to have a seamless transition.”