Boss of Mirror and Express owner to step down
The boss of the company behind the Daily Mirror and the Daily Express is to leave the publisher after seven years.
Simon Fox will step down as chief executive of Reach on August 16, to be replaced by former Ladbrokes Coral boss Jim Mullen.
Mr Fox, who is also a former CEO of HMV, joined the company in 2012 and has since overseen the acquisition of the Express and Star titles which completed last year.
He said: “There is never an ideal time to leave an organisation, but if there were it would be now. The integration of the Express and Star has been successfully completed, digital growth is accelerating and our trading and cash position are strong.
“I am proud of what has been achieved and will provide Jim with whatever support is required to ensure a smooth handover.”
It comes as the group unveiled its financial results for the 26 weeks to June 30, with profit before tax up 8% to £69.9 million.
Revenue was almost flat, dipping 0.3% to £352.6 million.
On a like-for-like basis, revenue fell by 6.3%.
Cost savings totalled £6 million from the company’s acquisition of the Express & Star group of titles, with a total of £15 million expected for 2019.
Further savings of £22 million are expected in 2020, ahead of a previously guided target of £20 million.
The company is also looking to add more newspapers to its stable, having confirmed earlier this month that it is in early discussions over acquiring certain assets from JPI Media, the owner of The i, The Yorkshire Post and The Scotsman as well as hundreds of regional titles.