Sly Bailey
Encyclopedia
Sly Bailey (born 24 January 1962) is both the chief executive of Trinity Mirror
, UK's largest newspaper publisher, and non-executive director of EMI
. She is widely considered as one of the most powerful woman executives in Europe
. She was named as one of the "50 Most Powerful Women in Britain" by Management Today and as one of Britain’s most influential women by the Daily Mail
. She was also named as one of the top 20 most influential figures in media by MediaGuardian and as one of the top 50 most powerful businesswomen outside the United States by Fortune. Currently she is on the Press Association Board and President of NewstrAid, a charity for the distribution and retail trade.
, south-east London. In 1978 she briefly attended the Italia Conti theatrical school.
. In 1984 she joined The Guardian
newspaper working in advertising sales. Bailey became advertising manager at The Independent
newspaper in 1987.
Before joining Trinity Mirror as chief executive in 2003, she was chief executive of AOL
Time Warner
's IPC Media
group, the UK's leading consumer magazine publishing group. She was elected to the board of IPC at the age of 31, and she was subsequently named chief executive at the age of 37. In October 2001, at the age of 39, she successfully led the £1.15 billion sale of the IPC to Time Inc, the publishing division of AOL Time Warner.
Bailey received a 41.8% increase in her remuneration package in 2006. At the same time management continued to make redundancies and impose below inflation pay increases on its staff.
Unsure what direction to take in managing its newspapers, in late 2006 the Trinity Mirror board brought in management consultants who recommended the sale of assets including the Racing Post
, Midland Independent Newspapers and Trinity Mirror South. The disposals were forecast to achieve proceeds in excess of £600 million.
In the event, the Racing Post and the remainder of the company's Sports Division, and parts of TMS were the only sales achieved. Proceeds of the sales were £263 million. A management buy-out of MIN fell through, and an assorted rump of unsaleable titles from TMS remained with the company.
Group pre-tax profits in 2007 were £191 million, down from £192 million, on revenue of £1.009 billion, down from £1.073 billion. Circulation figures continued their decline.
Nevertheless, Bailey qualified to receive 100 per cent of her bonus entitlement, which at £793,000 was equivalent to 110 per cent of her salary. Her remuneration package included a further £240,000, one-third of her salary, as her annual pensions contribution.
On 30 June 2008, Trinity Mirror issued a trading statement forecasting a 10 per cent reduction in anticipated profits, leading to a collapse in the share price to a low of 73.5p, compared to its 12-month high of 557.5p. Currently shares in Trinity Mirror stand marginally above 42p with a market cap of £106.55m.
Writing in The Independent
, media columnist Stephen Glover pointed out that the company's market value had slumped from £1.5 bn to £250m, and commented: "... it is difficult to see how Sly Bailey, Trinity Mirror's preposterously well-rewarded chief executive, can remain much longer in her job . . . "
Regardless of the growing crisis, Bailey went ahead with her holiday plans, and according to City Spy in London's Evening Standard
, flew to Sardinia
by private jet from Farnborough Airport, at a reported cost of £20,000.
into phone hacking in October 2011.
She also does much charity work for ChildLine
, and recently gave a large sum of money to Help a London Child.
Trinity Mirror
Trinity Mirror plc is a large British newspaper and magazine publisher. It is Britain's biggest newspaper group, publishing 240 regional papers as well as the national Daily Mirror, Sunday Mirror and People, and the Scottish Sunday Mail and Daily Record. Its headquarters are at Canary Wharf in...
, UK's largest newspaper publisher, and non-executive director of EMI
EMI
The EMI Group, also known as EMI Music or simply EMI, is a multinational music company headquartered in London, United Kingdom. It is the fourth-largest business group and family of record labels in the recording industry and one of the "big four" record companies. EMI Group also has a major...
. She is widely considered as one of the most powerful woman executives in Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
. She was named as one of the "50 Most Powerful Women in Britain" by Management Today and as one of Britain’s most influential women by the Daily Mail
Daily Mail
The Daily Mail is a British daily middle-market tabloid newspaper owned by the Daily Mail and General Trust. First published in 1896 by Lord Northcliffe, it is the United Kingdom's second biggest-selling daily newspaper after The Sun. Its sister paper The Mail on Sunday was launched in 1982...
. She was also named as one of the top 20 most influential figures in media by MediaGuardian and as one of the top 50 most powerful businesswomen outside the United States by Fortune. Currently she is on the Press Association Board and President of NewstrAid, a charity for the distribution and retail trade.
Early life
Born "Sylvia Grice", her father was a freelance financial journalist. She was educated at St Saviour's and St Olave's Grammar School for Girls, in DulwichDulwich
Dulwich is an area of South London, England. The settlement is mostly in the London Borough of Southwark with parts in the London Borough of Lambeth...
, south-east London. In 1978 she briefly attended the Italia Conti theatrical school.
Career
Bailey began her career as a make-up artist for RevlonRevlon
Revlon is an American cosmetics, skin care, fragrance, and personal care company founded in 1932.-History:Revlon was founded in the midst of the Great Depression, 1932, by Charles Revson and his brother Joseph, along with a chemist, Charles Lachman, who contributed the "L" in the Revlon name...
. In 1984 she joined The Guardian
The Guardian
The Guardian, formerly known as The Manchester Guardian , is a British national daily newspaper in the Berliner format...
newspaper working in advertising sales. Bailey became advertising manager at The Independent
The Independent
The Independent is a British national morning newspaper published in London by Independent Print Limited, owned by Alexander Lebedev since 2010. It is nicknamed the Indy, while the Sunday edition, The Independent on Sunday, is the Sindy. Launched in 1986, it is one of the youngest UK national daily...
newspaper in 1987.
Before joining Trinity Mirror as chief executive in 2003, she was chief executive of AOL
AOL
AOL Inc. is an American global Internet services and media company. AOL is headquartered at 770 Broadway in New York. Founded in 1983 as Control Video Corporation, it has franchised its services to companies in several nations around the world or set up international versions of its services...
Time Warner
Time Warner
Time Warner is one of the world's largest media companies, headquartered in the Time Warner Center in New York City. Formerly two separate companies, Warner Communications, Inc...
's IPC Media
IPC Media
IPC Media , a wholly owned subsidiary of Time Inc., is a consumer magazine and digital publisher in the United Kingdom, with a large portfolio selling over 350 million copies each year.- Origins :...
group, the UK's leading consumer magazine publishing group. She was elected to the board of IPC at the age of 31, and she was subsequently named chief executive at the age of 37. In October 2001, at the age of 39, she successfully led the £1.15 billion sale of the IPC to Time Inc, the publishing division of AOL Time Warner.
Compensation
In 2005 her bonus was cut by more than £100,000, but in April 2006, Trinity Mirror awarded her a 12.9% increase on her £620,000 salary, just months after several hundred of its 11,000 staff had been made redundant due to slumps in advertising revenue.Bailey received a 41.8% increase in her remuneration package in 2006. At the same time management continued to make redundancies and impose below inflation pay increases on its staff.
Unsure what direction to take in managing its newspapers, in late 2006 the Trinity Mirror board brought in management consultants who recommended the sale of assets including the Racing Post
Racing Post
The Racing Post is a British daily horse racing, greyhound racing and sports betting newspaper, appearing in print form and online.From 30 May 2011 - 3 July 2011 it had a circulation of 56,507.-History:...
, Midland Independent Newspapers and Trinity Mirror South. The disposals were forecast to achieve proceeds in excess of £600 million.
In the event, the Racing Post and the remainder of the company's Sports Division, and parts of TMS were the only sales achieved. Proceeds of the sales were £263 million. A management buy-out of MIN fell through, and an assorted rump of unsaleable titles from TMS remained with the company.
Group pre-tax profits in 2007 were £191 million, down from £192 million, on revenue of £1.009 billion, down from £1.073 billion. Circulation figures continued their decline.
Nevertheless, Bailey qualified to receive 100 per cent of her bonus entitlement, which at £793,000 was equivalent to 110 per cent of her salary. Her remuneration package included a further £240,000, one-third of her salary, as her annual pensions contribution.
On 30 June 2008, Trinity Mirror issued a trading statement forecasting a 10 per cent reduction in anticipated profits, leading to a collapse in the share price to a low of 73.5p, compared to its 12-month high of 557.5p. Currently shares in Trinity Mirror stand marginally above 42p with a market cap of £106.55m.
Writing in The Independent
The Independent
The Independent is a British national morning newspaper published in London by Independent Print Limited, owned by Alexander Lebedev since 2010. It is nicknamed the Indy, while the Sunday edition, The Independent on Sunday, is the Sindy. Launched in 1986, it is one of the youngest UK national daily...
, media columnist Stephen Glover pointed out that the company's market value had slumped from £1.5 bn to £250m, and commented: "... it is difficult to see how Sly Bailey, Trinity Mirror's preposterously well-rewarded chief executive, can remain much longer in her job . . . "
Regardless of the growing crisis, Bailey went ahead with her holiday plans, and according to City Spy in London's Evening Standard
Evening Standard
The Evening Standard, now styled the London Evening Standard, is a free local daily newspaper, published Monday–Friday in tabloid format in London. It is the dominant regional evening paper for London and the surrounding area, with coverage of national and international news and City of London...
, flew to Sardinia
Sardinia
Sardinia is the second-largest island in the Mediterranean Sea . It is an autonomous region of Italy, and the nearest land masses are the French island of Corsica, the Italian Peninsula, Sicily, Tunisia and the Spanish Balearic Islands.The name Sardinia is from the pre-Roman noun *sard[],...
by private jet from Farnborough Airport, at a reported cost of £20,000.
Phone hacking inquiry
In July 2011 Bailey launched an investigation into editorial controls and procedures at Mirror Group newspapers following allegations of phone hacking. Bailey is set to become the first serving media proprietor to appear at the Leveson InquiryLeveson Inquiry
The Leveson Inquiry is an ongoing public inquiry into the culture, practices and ethics of the British press following the News International phone hacking scandal. On 6 July 2011, Prime Minister David Cameron announced to Parliament that a public government inquiry would convene to further...
into phone hacking in October 2011.
Personal life
She is married to businessman Peter Bailey and supports Tottenham Hotspur football club.She also does much charity work for ChildLine
ChildLine
ChildLine is a free 24 hour counselling service for children and young people up to 18 in the UK provided by the NSPCC. ChildLine deals with any issue which causes distress or concern, common issues dealt with include child abuse, bullying, parental separation or divorce, pregnancy and substance...
, and recently gave a large sum of money to Help a London Child.
Awards
- Sly Bailey was awarded an Honorary Degree from the University of East LondonUniversity of East LondonThe University of East London is a university located in the London Borough of Newham, East London, England, based at two campuses in Stratford and Docklands areas...
in 2005.