Crace, currently managing director for IPC Advertising and the Wallpaper Group, will take up her new role next February. The announcement comes a year after Bailey hired former IPC group advertisement director Clare Dove as advertising director across Trinity's national newspaper division.
Crace leaves IPC after eight years, four of which she spent serving on the board of IPC Media. She had previously spent nine years at Express Newspapers, where her roles included advertisement director for the Daily Express.
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."
Crace added: "I'm delighted to be joining Trinity Mirror and to be back in the world of newspapers again."
The regional newspaper division's managing director role was last held by Stephen Parker, who left earlier this year. The role has been covered by Bailey on an interim basis.
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