Shares in Reach PLC (LSE:RCH) fell more than 7% in early trading on Monday after the Daily Mirror and Express publisher announced the immediate departure of CEO Jim Mullen, who is set to take the top job at The Jockey Club in June.
The company said Mullen’s exit came by “mutual agreement” following a “strong full-year performance,” with the outgoing chief executive remaining for a short handover. He will step into his new role at the horse racing organisation on 1 June.
Digital-focused successor appointed
Piers North, Reach’s current chief revenue officer, has been named as Mullen’s successor, effective immediately. North, a digital strategy veteran and ex-Yahoo exec, joined Reach in 2014 and has held multiple senior roles.
Nick Prettejohn, Reach chairman, 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.
“We are very pleased with the appointment of Piers as CEO. He has a strong track record of leadership and delivery at Reach, and brings great experience of both the Company and the wider industry. We are well positioned for the future, following our strong full-year results and strategic progress reported this month.”
North called the appointment a “huge honour”, adding: “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.”
Market reaction
The news sent Reach shares down to 70p in early trading, a drop of more than 7%, as investors digested the unexpected leadership change.
Mullen’s tenure saw controversy over executive pay and significant cost-cutting, including over 350 job cuts in two years. His move to The Jockey Club marks a shift away from media after nearly six years at the helm of one of the UK’s largest news publishers.
The transition comes as Reach continues its push toward digital growth, with North’s background in revenue and digital strategy likely to shape the company’s next phase.
