- The future of the Mirror Group looks set to come down to a power struggle between chairman, Sir Victor Blank and the chief executive, David Montgomery.
Sir Victor, who is said to be backed by most of the company's non executive directors, is thought to have been angered by Montgomery's persistent attempts to block merger deals in order to safeguard his own job. Meanwhile, Montgomery is reportedly furious about claims that Sir Victor has entered negotiations behind his back as part of a campaign to get rid of him.
In a further twist, the fund manager PDFM, which is the Mirror's largest shareholder with a 22 per cent stake, is considering what is being described as the 'nuclear option' of calling an extraordinary general meeting if Mirror Group does not resume its merger talks with regional newspaper group, Trinity.
Any such EGM could well see a call for the removal of Montgomery as chief executive because of his perceived role in stalling a merger with Trinity.