(Reuters) -Daily Mirror publisher Reach Plc said on Monday that Chief Executive Officer Jim Mullen would step down immediately after five-and-a-half years at the helm, and be replaced by Chief Revenue Officer Piers North.
Shares in the company, which has a catalogue of more than 120 print and online titles, fell as much as 6.6% to 70.8 pence by 0846 GMT and were among the biggest losers on the FTSE 250 index. They have fallen around 14% during Mullen’s tenure.
Mullen oversaw the company as it most recently reported better-than-expected 2024 profit, and implemented a strategy in February 2020 that helped supplement its ad revenue stream with targeted advertising based on customer data.
North, who joined the company in 2014, has held several senior digital strategy roles at both Reach and Yahoo.
Liberum analyst Jonathan Barrett said in a note that North had played a key role in developing the targeted advertising strategy and helping to improve ad placement and increase transparency in digital advertising.
Mullen will become group chief executive of the UK’s largest commercial horse racing organisation, The Jockey Club, from June 1.
(Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Rashmi Aich, Kirsten Donovan)
