Papers chief leaves
COO is highest profile casualty of Reach cull
The title will share cuts across the group
The Daily Record owner’s chief operating officer Neil Jagger has confirmed he is leaving as part of a cull of 550 jobs announced yesterday.
Mr Jagger is the most high profile casualty of the cutbacks at Reach which will account for 12% of the company’s UK workforce.
The industry veteran joined the company, known at the time as Trinity Mirror, in 2013 from the Daily Mail, where he was circulation director.
Speaking to the website betterRetailing, which revealed he had been placed on gardening leave last week, Mr Jagger said: “I’m saddened to be leaving, but ready and hopeful for my next challenge.”
Reach, whose titles apart from the Record and Sunday Mail include the Daily Express, Manchester Evening News and Liverpool Echo, saw revenue sink by 27.5% in the quarter to the end of June. A fifth of its staff were placed on furlough but will be reinstated on full pay.
The job losses alongside other new changes announced to “streamline” the organisations are expected to save £15 million in year one.
The cuts will see just under one in eight of Reach’s employees made redundant. Staff expect to be notified on Friday about they will be affected.
Reach will create a more “centralised structure” to overcome what it sees as duplication.