Trinity Mirror, the newspaper publisher, has announced the unification of two of its divisions- Regionals and Nationals under one management structure, headed by new COO Mark Hollinshead, under its cost-cutting measures.
Trinity Mirror, which has been suffering from falling advertising and circulation revenues, said that the move would ensure that editorial, advertising and support functions would operate as effectively as possible across the print and digital operations. Trinity Mirror added that this move will accelerate the launch of digital products across the company’s portfolio to drive revenues.
The latest announcement is a new addition to Trinity Mirror’s long line of operational changes over the past few months. In May, Trinity Mirror had said that it would move to a seven-day publishing model and axe long-serving editors of its flagship daily and Sunday tabloids as a part of its cost-cutting measures.
Mark Hollinshead will also be the executive director of the newly merged entity. Hollinshead is the managing director of the Nationals division. Mark Hollinshead’s base pay will be £375,000 per annum. Hollinshead will continue to have a bonus potential of 75% of salary, of which 50% is payable in cash and 50% in restricted shares.
Trinity Mirror’s contract printing operations, digital product development and the specialist digital businesses will all be managed directly by the Simon Fox, the CEO.
Trinity Mirror’s latest cost-cutting move marks the exit of Georgina Harvey, Managing Director – Regionals, and Nick Fullagar, Director of Corporate Communications. Trinity Mirror also plans to close Happli, the recently launched daily deals business, as the business is unlikely to become profitable in near future.
Chief executive Simon Fox, who assumed the reins recently, said, “…What has become clear in my first few weeks is that realising this potential requires a flatter and more efficient management structure that connects strategic decision making more closely with the journalistic heart of the business.”
Trinity Mirror shares sagged a penny or 1.5% to 65 pence this morning after news of divisions merger rolled out.