Bailey, who is now the chief executive of Trinity Mirror, has named Crace as the managing director of regional newspapers. Crace will take up the position in February. She will sit on the Trinity Mirror executive committee and report directly to Bailey.
Bailey said: "The key value lever in our regional business is advertising and we are delighted to have someone of Georgina's calibre join our team to help drive an even greater performance from these assets. She has extensive experience but also brings the creativity and dynamism that have made the magazine sector so successful."
Crace joined IPC in 1996, following a nine-year spell at Express Newspapers, where she held a number of senior positions, including the position of advertisement director at the Daily Express. She was made the managing director of IPC in 1999. In 2000, she was appointed to the IPC board and was part of the team that concluded the sale of IPC to Time Warner.
Crace said: "I look forward to working with a team of very talented people, building on past successes and outperforming the competition."