Newspaper publisher, Trinity Mirror has appointed Simon Fox as the new Chief Executive Officer (CEO) for the company, which owns Daily Record publisher Media Scotland.

The company is offering initial annual salary of £500,000. He is also eligible for a bonus of 75 per cent on his salary and an additional cash award of £75,000 instead of a pension. He is also entitled for £400,000 of shares under a long-term incentive plan. The company pointed out that that the award of shares is subject to the performance of the new chief at the company.

Trinity Mirror has hired headhunters from Egon Zehnder to find a new chief executive for the company. Others in the race for the top job at the company were finance director Vijay Vaghela and Mark Hollinshead, who is the managing director of the nationals division.

Simon Fox has been working as the chief of HMV since 2006. He is set to resign from HMV on 6 September. He said that the company is in a financially stable position but it is required to look at new businesses to cater to the customer needs.

“While the group's current financial performance is robust, we will need to continue to evolve the business to meet the changing needs of our customers,”’ he said.