Shares of London-based tabloid news publisher Reach plc fell as much as 7% after it announced that “by mutual agreement” its Scottish CEO Jim Mullen will be stepping down from his role “and will leave the board with immediate effect.”
Reach said Mullen will remain available for a short handover period, before taking up a new role as CEO of The Jockey Club.
Piers North, currently chief revenue officer at Reach, has been appointed CEO with immediate effect.
Reach publishes the Daily Record, the Mirror, the Express and Daily Star and local brands like MyLondon, BelfastLive and the Manchester Evening News.
A horseracing fan and racehorse owner, Mullen, 54, was CEO of Ladbrokes Coral Group plc between March 2015 and March 2018, having previously been MD of Ladbrokes Digital and Chief Operating Officer of William Hill Online. Prior to that he was Digital Strategy Director and Director of Product Management at News International and Director of Digital at Publicis Group.
New Reach CEO North joined Reach in 2014, and has held several senior digital strategy roles both at Reach and at Yahoo, having started his career as a digital journalist.
Reach chairman Nick Prettejohn said: “The board and I thank Jim for his valuable contribution over the past six years, and we and Jim agree that it is an appropriate time, following a strong full-year performance, for him to step down and for the company to take new leadership.
“We are very pleased with the appointment of Piers as CEO. He has a strong track record of leadership and delivery at Reach, and brings great experience of both the company and the wider industry. We are well positioned for the future, following our strong full-year results and strategic progress reported this month.”
Mullen said: “I want to thank everyone at Reach for their hard work over these past nearly six years. Together we have put the business in a stronger position, resolving important historical issues and making real progress on our digital growth, while continuing to deliver impactful journalism.
“I’ll be taking on the role of Group Chief Executive of The Jockey Club from 1 June, but I will continue to champion the importance of free-to-access news and the Daily Record football coverage from the sidelines, and I wish everyone the best.”
North said: “It’s a huge honour to lead Reach as we continue to serve essential journalism to our audiences and to move forward with our digital evolution. I look forward to working even more closely with all of the talented colleagues I have already been fortunate enough to work with over my 10 years here.”
The Jockey Club’s Senior Steward, Dido Harding, said: “I am delighted to welcome a leader of Jim’s calibre and experience as our next Group Chief Executive.
“He has a long and distinguished track record of delivering strong growth in the publishing and gambling sectors and is also familiar with the complexities of the British racing industry, its structure and challenges, as well as the very many opportunities we have to broaden our fanbase.
“Jim will bring with him a wealth of experience and expertise, while also being a racing fan at heart who is passionate about promoting the sport and the incredible experiences we are able to offer our customers.”