The FT is reporting that Trinity Mirror’s board is under renewed pressure from shareholders to cut the pay of its chief executive Sly Bailey from some of the biggest shareholders in the media group.
Bailey picked up a £1.7m pay packet for last year. This included a £660,000 cash bonus. Anger over her pay comes as Trinity Mirror said it will cut almost a fifth of its editorial staff.
The FT says shareholders will set out their greviances when Trinity Mirror’s incoming chairman David Grigson holds a series of meetings with key investors.
“Shareholders believe Ms Bailey’s pay is above her peers and that she must rebase her remuneration to recognise Trinity Mirror was now a much smaller business than when she joined nine years ago.
“The publisher of The Mirror and The People, which has been the target of allegations of phone-hacking, has seen its shares fall 90 per cent over the past five years amid the economic downturn, migration of readers to the internet and the fragmentation of advertising spend,” the FT said.