Daily Mirror chief faces calls to accept 50% pay cut
Sly Bailey, chief executive of Trinity Mirror, is facing calls for the axe to be taken to her annual pay packet, slashing her annual salary by half from £750k to £375k.
The precipitous reduction in Bailey’s remuneration is being driven by shareholders who want to see the group’s declining fortunes, which are also down by half.
When factoring in bonus and pension payments Bailey pocketed £1.7m last year, a figure which one investor labelled as “untenable” following the reduction in Trinity’s market capitalisation over her tenure.
Bailey’s possible pay cut comes hot on the heels of her plans to axe one third of editorial staff at the Daily Record and Sunday Mail as part of a cost cutting drive.
Executive directors at the company have had their basic pay frozen since 2008.