Simon Fox to step down as chief of Daily Mirror owner Reach

Former Ladbrokes Coral boss Jim Mullen to take over at UK’s largest regional newspaper group

Simon Fox, the chief executive of the company that owns the Mirror, Express and Star newspapers, is to step down and will be replaced by the former Ladbrokes Coral boss Jim Mullen.

Fox has led Reach, the national and regional newspaper group formerly known as Trinity Mirror, since 2012, joining after he abruptly resigned as chief executive of HMV. Fox will leave Reach on 16 August.

He will be replaced by Mullen, who left Ladbrokes Coral last year after its £4bn takeover by GVC and has previously held roles including digital strategy director at News UK, owner of the Sun, the Times and the Sunday Times.

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

Under Fox, Reach’s share price has almost tripled as the business has made a series of acquisitions to build scale as the newspaper market has struggled from declining sales of printed copies and the shift of digital advertising spend to Silicon Valley giants Google and Facebook.

Last year, Reach paid £200m to acquire Richard Desmond’s media assets including the Express and Star, as well as celebrity magazine OK!. The company, which is the UK’s largest regional newspaper group, bought Local World, a group of more than 80 regional newspapers, for £220m in 2015. Fox’s biggest strategic gaffe was the launch of national newspaper the New Day, which was shut after just two months.

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

Sign up to the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk

Reach said it made a pretax profit of £58m in the first half of the year, compared with a £114m loss in the same period last year. Total revenues fell 6.3% on a like-for-like basis to £352m, as advertising income fell 21%.

“I am pleased with our robust performance in the first half of the year and with the strengthening of our digital audience and revenue growth in quarter two,” said Fox. “We remain focused on cost and cash management.”

Earlier this month, Reach confirmed it was in discussions to acquire some of the titles owned by JPI Media, which publishes the i as well as local and regional newspapers including the Scotsman and the Yorkshire Post.

Contributor

Mark Sweney

The GuardianTramp

Related Content

Article image
Trinity Mirror boss Simon Fox awarded £1.2m in less than four months
Newspaper publisher chief executive's salary, benefits and shares awarded between 10 September and end of 2012. By Mark Sweney

Mark Sweney

15, Apr, 2013 @11:23 AM

Article image
As editor exits, can Mirror and owner Reach survive ad crisis?
Concerns for future as staff morale hits new low and more job cuts loom at media group reliant on digital advertising

Mark Sweney

15, Jan, 2024 @5:07 PM

Article image
Trinity Mirror reports 75% fall in pre-tax profits
Pre-tax profits fell to £18.9m in 2012, with revenues plummeting by more than £50m, partly due to launch of rival Sun on Sunday. By Mark Sweney

Mark Sweney

14, Mar, 2013 @8:10 AM

Article image
Trinity Mirror profits flat despite ad revenue drop
Publisher says sales of the Daily Mirror are resilient but it expects market to remain 'difficult' for the rest of the year. By Mark Sweney

Mark Sweney

01, Aug, 2013 @7:09 AM

Article image
Mirror and Express owner reports 30% slump in revenues
Reach, formerly Trinity Mirror, says print and digital income fell in lockdown month of April

Mark Sweney

07, May, 2020 @11:36 AM

Article image
Simon Fox named Trinity Mirror chief executive

Former HMV boss to take over from Sly Bailey, who stepped down in June. By Mark Sweney

Mark Sweney

30, Aug, 2012 @1:10 PM

Article image
Mirror and Express owner to cut about 450 jobs – 10% of workforce
Reach staff react with furious comments to CEO over plan to reduce costs by up to 6% in 2024

Matthew Weaver, Mark Sweney and Alexandra Topping

08, Nov, 2023 @7:14 PM

Article image
Mirror and Express owner Reach to cut 550 jobs
Publisher also owns regional papers including Manchester Evening News and Birmingham Mail

Joanna Partridge

07, Jul, 2020 @7:06 AM

Simon Fox's twin strategy is paying off for Trinity Mirror

Roy Greenslade notes the publisher's success after its investment in digital innovation

Roy Greenslade

13, Mar, 2014 @8:49 AM

Article image
Trinity Mirror to rebrand as Reach after Express and Star deal
Chief executive Simon Fox’s pay package increases by nearly 20% despite slide in revenues

Mark Sweney

05, Mar, 2018 @11:30 AM