Reach chief executive Simon Fox is stepping down next month, the Mirror, Express and Star publisher has confirmed.
Fox will be succeeded by Jim Mullen, a former News International (now News UK) director of digital strategy and chief executive of betting firm Ladbroke Coral.
- June 22, 2020
- May 27, 2020
- May 7, 2020
Fox (pictured) has spent seven years with Reach and will depart on 16 August.
He said: “There is never an ideal time to leave an organisation, but if there were it would be now.
“The integration of the Express and Star has been successfully completed, digital growth is accelerating and our trading and cash position are strong.
“I am proud of what has been achieved and will provide Jim with whatever support is required to ensure a smooth handover.”
Mullen said: “I am delighted to be joining Reach at such an exciting time and look forward to building upon its digital transformation”.
Reach made £353m in revenue in the first-half of 2019, falling by 6.3 per cent on a like-for-like basis.
The company made adjusted profit before tax of £70m, up from £65m over the same period last year.
Statutory profit before tax for the period is £58m, up from a £113.5m loss last year when it bought the Express and Star titles.
The group’s digital revenue grew by 9.7 per cent with average monthly page views climbing by 16 per cent year-on-year to 1.2bn.
Print revenue fell by 8.2 per cent with advertising down 21.2 per cent.
Reach reported savings of £11m for the year so far, £6m of which is the result of “synergies” following the merger of the Mirror, Express and Star. It is on track to made £15m in annualised savings this year and £22m in 2020, as well as £10m in structural cost savings for the year.
Nick Prettejohn, chairman of Reach said Fox “leaves Reach in very good health, with a strong balance sheet and real progress in developing the business for the future”.
He added: “We have an excellent successor in Jim and I am pleased to have a seamless transition.”