The National Union of Journalists has condemned a pay rise which has seen Trinity Mirror chief executive Sly Bailey's total package rise to £1.45 million.
The pay for the boss of the UK's biggest newspaper group comprises £700,000 salary, £755,000 bonus, according to the company's annual report. She received another £231,000 contribution to her pension pot.
NUJ president Chris Morley said: "I'm sure Sly Bailey can't keep a straight face knowing she got a 48 per cent pay rise to £1.5 million last year, as Trinity Mirror fell into losses and its share price dived 18 per cent.
"But I can assure her Trinity Mirror employees are not laughing, nor I suspect the shareholders. She is a one-trick pony in the City, slashing cost.
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"Her whopping and grossly unjustified pay rise has been paid for by the loss of journalists' jobs and reducing quality on the group's publications.
"Given the deteriorating performance of the company, and madcap plans to hack a further £20 million out of a smaller business once the Midlands, south east and Racing Post operations are sold, directors who came up with this package for Sly must be commercially deranged.
"The company claims she jumped internal targets to trigger such an obscene payout – 98 per cent of her maximum annual bonus. But how high were these hurdles? It looks like a case of jumping over matchboxes.
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"She has led Trinity Mirror up a blind alley and her strategy for the future is destructive and wasteful. We hope shareholders see through this charade and revolt against this bizarre pay package at the company's forthcoming AGM."
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