Wednesday 1 February 2012

It's not just the NUJ unhappy at Sly Bailey's pay

The Financial Times reports that Trinity Mirror is facing renewed pressure to rein in the pay of its chief executive Sly Bailey (pictured) from some of the biggest shareholders in the media group.

It says the shareholders will set out their mounting unhappiness over the pay of one of the UK’s highest-profile media executives when Trinity Mirror’s incoming chairman David Grigson holds a series of meetings with key investors.

The FT says: "Shareholders believe Ms Bailey’s pay is above her peers and that she must rebase her remuneration to recognise Trinity Mirror was now a much smaller business than when she joined nine years ago."

One top 10 shareholder said the size of Ms Bailey’s pay was “just not tenable," reports the FT. “It is out of kilter with the group’s performance and current size. It is premature to say we are demanding her head but we are looking at it all very keenly,” the shareholder said.

A second top ten shareholder said: “Sly hasn’t got a great many supporters now – not when she has lost so much and is so well paid.”
A third added they planned to raise the issue of pay when meeting Mr Grigson, a former finance director at Reuters.
  • Yesterday, the NUJ criticised Bailey's pay after it was announced 75 jobs are to go at the Mirror and People. (See post below)

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