Shares in Reach PLC (LSE:RCH) dropped 4% in early trading on Monday after the publisher announced that Jim Mullen is stepping down as chief executive with immediate effect.
The Daily Mirror and Express publisher said the decision was made by mutual agreement, and that Mullen would stay on for a short handover period before leaving to become chief executive of The Jockey Club. He will take up his new role in June.
Piers North, currently chief revenue officer, has been appointed to replace Mullen as chief executive, also with immediate effect. North joined Reach in 2014 and has held a series of senior roles focused on digital strategy. He previously worked at Yahoo and began his career as a digital journalist.
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.”
He added that North brings “great experience of both the company and the wider industry” and that Reach is “well positioned for the future” following strong annual results earlier this month.
North called it a “huge honour” to take on the role. “We continue to serve essential journalism to our audiences and to move forward with our digital evolution,” he said. “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.”
In early trading, the stock fell 2.9p to 72.9p.