Reach’s Simon Fox replaced by Ladbrokes boss

Reach, publisher of the Daily Mirror, has today confirmed that Simon Fox will be stepping down as chief executive, to be succeeded by Ladbrokes’ Jim Mullen.

Mullen, who has been CEO of the gambling business since 2015, has also held roles at publisher News International where he was director of product management and director of digital strategy, and has also worked in the ad industry.

“I would like to thank Simon for the great job he has done over the past seven years,” said Nick Prettejohn, chairman of Reach.

“As the first half results demonstrate, he leaves Reach in very good health, with a strong balance sheet and real progress in developing the business for the future. We have an excellent successor in Jim and I am pleased to have a seamless transition.”

Reach’s revenues, also announced today (29 July), were down 0.3% on 2018 to £352.6m following the acquisition of the Express and Star, while pre-tax profits were up 8% to £69.9m.

The publisher also reduced net debt by £27.9 million from £40.8 million at the year end to £12.9 million at the half year.

However, print ad revenues continue to decline, although online advertising remains a growth revenue stream.

Print was down £4.6m on 2018 to £301.8m , while digital grew £7.2 to £48.7m.

“There is never an ideal time to leave an organisation, but if there were it would be now,” said Fox.

“The integration of the Express and Star has been successfully completed, digital growth is accelerating and our trading and cash position are strong. I am proud of what has been achieved and will provide Jim with whatever support is required to ensure a smooth handover.”

Jim Mullen added: “I am delighted to be joining Reach at such an exciting time and look forward to building upon its digital transformation”.

Fox departs on 16 August 2019.