Trinity Mirror chief executive Sly Bailey to step down

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Media captionSly Bailey appeared at the Leveson Inquiry into press ethics in January 2012

Newspaper group Trinity Mirror has said that chief executive Sly Bailey is to step down at the end of the year.

The move comes ahead of a potential shareholder revolt over executive pay at the group's annual general meeting next week.

The group's share price has fallen 90% since Ms Bailey took charge in 2003, as the newspaper industry was hit by falling sales and online competition.

Ms Bailey said newspapers were "a business like no other".

But she said the time had come to hand over to someone else.

Trinity Mirror said in a statement: "By December she will have served almost 10 years with the company during which she has led it through the worst and longest economic downturn the country has seen.

"Despite the challenging environment the actions she has taken, together with her team, have ensured the company has consistently delivered robust profits."

The group's newspapers include the Daily Mirror, Sunday Mirror, The People, Daily Record and Sunday Mail, as well as 160 local and regional newspapers.

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