Trinity Mirror chief executive Sly Bailey is step down with immediate effect, the company has announced.
Her departure was originally announced at the start of May. At the time the company said she would be leaving at the end of the year, so working her notice period.
No successor has yet been found.
Until a permanent appointment is made group finance director Vijay Vaghela will cover the chief executive role working closely with new chairman David Grigson.
Grigson said “The company and the board are grateful to Sly for her immense contribution and leadership over nearly 10 years. Despite the deep economic downturn, the actions she has taken with her team have ensured the company has consistently delivered robust profits. We wish her well for the future.”
Bailey said “Newspapers are a business like no other and it’s been an absolute privilege to have led Trinity Mirror in this fascinating and all-consuming role. Everything I’ve achieved during my time here has been underpinned and supported by the hard work, commitment and enthusiasm of our tremendous staff.”
Bailey will be paid for the 11 months’ notice she is not working, which means she will receive around £900,000.