Trinity Mirror chairman Sir Victor Blank is to retire from its board at the company’s AGM in May.

Sir Victor has had a distinguished business career and joined Mirror Group as chairman in July 1998.

He oversaw the creation of the UK’s largest newspaper group when Mirror Group merged with Trinity in 1999 and worked with management to develop the business.

He is chairman of GUS plc and has held non-executive roles in a number of companies.

Trinity Mirror says the process to identify a new chairman is “well advanced”.

Chief executive Sly Bailey said: “Victor has made a huge contribution to the success of Trinity Mirror. He has been an outstanding chairman. It was Victor who cleared the way to create the UK’s largest newspaper publisher which commands more than 250 titles.

“Victor’s wealth of experience and deep understanding of the challenges faced by public companies has been of immeasurable help to me and to the management team.”

Sir Victor said: “Media and newspaper publishing is a fascinating and challenging industry. Our newspapers are part of our heritage and the opportunities presented by emerging technologies are enormous. Trinity Mirror has the strategies in place to capture and exploit them.

“The management team I leave behind are first rate and are fully focused on the delivery of the options for growth.”