Hollinshead becomes Trinity Mirror's COO as publisher consolidates newspaper divisions and closes Happli
Newspaper publisher Trinity Mirror has announced a restructure of its management team and consolidated its national and regional divisions in order to create a new model entitled ‘One Trinity Mirror’
One management structure will now oversee both the national and regional divisions, which the company has said will allow it to accelerate the rollout of digital products across its portfolio in order to drive revenue, while Mark Hollinshead, who becomes chief operating officer and executive director, will oversee the consolidated operation.
The company has revealed that Hollinshead's annual base pay will continue to be £375,000, and he will continue to have a bonus potential of 75 per cent of his salary, half of which is payable in cash and the other half in restricted shares, the release of which will be deferred for three years.
Recently appointed CEO Simon Fox will now oversee the digital product development and specialist digital businesses, which includes recruitment, property and digital marketing, as well as its contract printing operations.
As a result of these changes to the management structure, Georgina Harvey, managing director of regionals and Nick Fullagar, director of corporate communications will depart.
The recently launched daily deals site Happli will also close, as the company has decided that it is ‘unlikely to reach sufficient scale to become profitable’.
Fox commented:"It has very quickly been confirmed to me that Trinity Mirror is a business with great brands, passionate and dedicated people and significant unrealised potential. What has become clear in my first few weeks is that realising this potential requires a flatter and more efficient management structure that connects strategic decision making more closely with the journalistic heart of the business.
“I believe the changes we are making today will create One Trinity Mirror with a unique portfolio of national and regional brands and the best structure from which to develop our longer term strategic direction. I will provide a strategic update in early 2013."