The Board of Trinity Mirror plc ("Trinity Mirror") today
announces that Philip Graf has informed the Board of his decision to step down
as Chief Executive in the summer of 2003. As a result of this, the Board has
appointed a subcommittee, to be chaired by Sir Victor Blank, to identify a
suitable successor from both internal and external candidates. A further
announcement will be made when a decision has been taken.
Philip Graf was appointed Chief Executive of Trinity Mirror in
September 1999 following the merger of Trinity plc and Mirror Group plc. Since
then, he has developed and implemented a review and reorganisation of the
Group's assets. The regional strategy continues to deliver ahead of its
targets, and the early results from the new nationals strategy are encouraging.
Prior to his role at Trinity Mirror, Philip spent 15 years with Trinity plc,
becoming Chief Executive in 1993. During this time, he developed Trinity into
one of the UK's most successful regional newspaper publishers.
Sir Victor Blank, Chairman of Trinity Mirror plc
commented:
"Philip is one of the UK's most respected and successful media
executives. His passion and understanding of the industry is unrivalled, and he
has over the past three years done a tremendous job in reorganising and
developing Trinity Mirror. His decision to inform the Board now gives us the
opportunity to look for a successor in an open and orderly manner."
Philip Graf, Chief Executive of Trinity Mirror plc
commented:
"After ten years as Chief Executive of initially Trinity and
subsequently Trinity Mirror, deciding to step down was tough. I feel however
that the foundations we have laid have created a strong platform for growth and
I feel that this period of notice will enable an orderly succession to take
place. In the meantime, I shall continue enthusiastically to lead the team
during what will be a year of considerable progress for the business."
