The outgoing chief executive of Trinity Mirror, Sly Bailey, is to leave her position six months earlier than previously announced, the company has said.
Trinity Mirror, publisher of the Daily Mirror and Sunday Mirror, announced Bailey is now leaving with immediate effect, adding it was continuing the search for her replacement, enlisting head-hunters Egon Zehnder International to aid in the process.
Temporarily taking charge until a new appointment is made will be the publisher's group finance director, Vijay Vaghela.
Bailey's exit coincides with the arrival of David Grigson as chairman at the end of May, another move that was also brought forward.
"The company and the board are grateful to Sly for her immense contribution and leadership over nearly 10 years," Grigson said of Bailey.
"Despite the deep economic downturn, the actions she has taken with her team have ensured the company has consistently delivered robust profits. We wish her well for the future."
Bailey said: "Newspapers are a business like no other and it's been an absolute privilege to have led Trinity Mirror in this fascinating and all-consuming role.
"Everything I've achieved during my time here has been underpinned and supported by the hard work, commitment and enthusiasm of our tremendous staff."
Trinity Mirror's share price has plunged more than 90% in the 10 years that Bailey has been in charge as the newspaper industry battled declining print sales amid competition from the internet.
The firm suffered a revolt over its pay plans at last month's annual general meeting, with nearly half of shareholder votes cast made against its directors' remuneration report.
Investors were angry at Bailey's large pay packet in the midst of falling profits and sales.
Trinity Mirror, which publishes 160 local and regional newspapers, has seen shares slump from more than £7 in 2005 to just 26.1p today, valuing it at £66.4 million.