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The CEO of Mirror and Express Newspaper Publisher Reach stopped after nearly six years.
Jim Mullen immediately retired “through mutual agreement”.
Mr. Mullen, who used to be CEO at Ladbrokes, leaves for the head of the Jockey Club.
The chief income officer Piers North has been appointed to replace him, the company said.
Mr. Mullen, who was achieved as CEO in August 2019, will be available for a brief handover period before adopting the post of Group CEO at the Jockey Club on June 1.
Shares in Reach tumbled up to 8 percent in the morning trading on Monday after the announcement.
Reach owns tabloids The Mirror, The Sunday Mirror, The Express Newspapers and The Star, as well as a series of regional titles in the UK.
Earlier this month, the group has a better earnings than expected, with cost -saving efforts to help revenue and its digital arm that returned at the end of 2024.
Reach chairman Nick PretteJohn said the group and Mr. Mullen “agrees that it is an appropriate time, after a strong annual performance, so that it must retire and that the company must take new leadership”.
He added: ‘We are very pleased with the appointment of Piers as CEO.
“He reached a strong record of leadership and delivery and brings a great experience of both the business and the broader industry.”
Mr. Mullen said efforts over the past six years “put the business in a stronger position, resolved important historical issues and made real progress with our digital growth”.
The group reduced the costs in the light of the industry’s wind, with the costs reducing 6.5 percent to £ 439.1m last year, as it was 13 percent of its workforce.
The firm said it exposed a 6.9 percent increase in the annual underlying operating profit to £ 102.3m that it would cut by a further 4 percent to 5 percent in 2025.
Along with the broader media sector, Reach was hit hard after firms like Facebook owner Meta moved in 2023 to prioritize the user-generated content over news on their social media sites.
But Reach argued the beginning of a recovery in its digital enterprise, with important page views returning to growth in the last three months of 2024.
The new boss, Mr. North, take the best work with extensive experience in digital media, after attending several senior digital strategy roles with Yahoo after starting his career as a digital journalist.
He joined Reach in 2014.
Mr. North said: “It is a great honor to lead scope as we continue to serve essential journalism to our audiences and move forward with our digital evolution.”
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