Trinity Mirror chief's pay rises to £1.7m

LONDON - Sly Bailey, the chief executive of Trinity Mirror, pocketed an overall pay packet of £1.68m in 2009 despite the company reporting a 41% slump in pre-tax profits during the year.

Sly Bailey: took home £1.68m in 2009
Sly Bailey: took home £1.68m in 2009

Bailey, the highest paid director at Trinity Mirror, netted a basic salary of £736,000 and a cash  bonus of £671,000 in the year.

Her overall remuneration, including a £248,000 pension contribution, rose to £1.68m, compared to £1.53m the previous year.

In March this year, the publisher of the Daily Mirror reported a 41% drop in pre-tax profits for 2009 after its regional titles and digital operations were hit by a tough advertising downturn.

The group, which recently acquired Guardian Media Group's regional newspapers including the Manchester Evening News, scaled back its operations in the past year and reduced its headcount by 20%, which equates to 1,700 people. Further costs have been saved by a group-wide recruitment freeze.

Trinity Mirror's annual report also reveals that the company's next highest paid director, finance director Vijay Vaghela, took home £909,000 last year, including a basic salary of £430,000.