The restructure sees Mark Hollinshead heading up the combined national and regionals division as chief operating officer, in a bid to create what the company is terming “One Trinity Mirror.”
Mark will be paid a salary of £375,000 a year plus a bonus entitlement of up to 281,250, of which half would be payable in cash and the rest in shares.
Trinity is also closing its daily deals business Happli after just seven months, saying it is unlikely to achieve sufficient scale to become profitable.
The business was launched in March this year with £10m of investment including a national advertising campaign and revenues had been forecast to reach £20m by 2014.
He said: “It has very quickly been confirmed to me that Trinity Mirror is a business with great brands, passionate and dedicated people and significant unrealised potential.
“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.
“I believe the changes we are making today will create One Trinity Mirror with a unique portfolio of national and regional brands and the best structure from which to develop our longer term strategic direction. I will provide a strategic update in early 2013.”
A company statement said: “The nationals and regionals divisions will be unified under one management structure thereby ensuring that editorial, advertising and support functions can operate as effectively as possible across all of the group’s print and digital publishing operations. This will enable an accelerated rollout of digital products across our portfolio to drive revenues.
“The consolidated publishing operations will be managed by Mark Hollinshead, who is today appointed to the newly created position of chief operating officer and as an executive director of Trinity Mirror plc.
“Digital product development and the specialist digital businesses (Recruitment, Property and Digital Marketing Services) as well as the group’s contract printing operations will now be separately managed and report directly into the CEO.
“These changes allow a flatter, more efficient management structure to be adopted.
“As a consequence of this new management structure, Georgina Harvey, managing director – regionals and Nick Fullagar, director of corporate communications will be leaving the business.
“They have both made an important and valued contribution to the group for which the Board is enormously grateful.
“The Group is also announcing its intention to close Happli, the recently launched daily deals business. It is considered that the business is unlikely to reach sufficient scale to become profitable in the near term.
“We will now enter into a period of consultation with staff working in the business.”
- The Guardian has obtained a full text of Simon Fox’s email to Trinity Mirror staff explaining the changes. It can be read here.