Montgomery Expected To Step Down From Mirror Group

It is expected that Mirror Group chief executive, David Montgomery, will step down from the company at this morning’s board meeting following a bitter battle with Mirror’s non-executive chairman, Sir Victor Blank. Whilst some reports suggest that a degree of conciliation may have been reached, the feeling is that Montgomery has lost the confidence of the majority of shareholders and would not triumph in a board vote. It is therefore, expected that he will resign.

The boardroom disputes started at the media group when takeover talks with regional publisher, Trinity International, broke down – Montgomery was cited as the sticking point in these discussions (see Mirror Group-Trinity Talks Fizzle And Die). Following this, a formal takeover offer of £913 million was tabled from Regional Independent Media (RIM). This bid represented a price of 200p per share, but was rejected by Mirror Group as undervaluing the company (see Mirror Group Rejects £913m RIM Bid).

The outcome of today’s board meeting will be reported on Newsline as soon as the details emerge.

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