Sly Bailey stepping down as Trinity Mirror chief executive Mrs Bailey will step down from the newspaper group at the end of the year, amid mounting investor unrest over her £1.7m-a-year pay packet and a massive drop-off in the company's share price. In the nine years since Mrs Bailey took the helm of Trinity, which publishes the Daily and Sunday Mirror, The People, The Daily Record and 130 regional newspapers, she has earned £14m. The company's share price has plummeted by 90pc over the same period. Trinity's board tried to placate investors earlier this month, proposing a £500,000 cut to her short-term cash and share bonuses, but around a third of shareholders were expected to vote against the package at Trinity's annual general meeting next Thursday. Announcing her departure, the company said Mrs Bailey has "consistently delivered robust profits" despite leading Trinity "through the worst and longest economic downturn the country has seen." The company reported a 40pc fall in pre-tax profits to £74m for 2011 in its most recent financial results last month. Revenues fell 2pc to £746m, as the company battled falling advertising revenues and print sales. Mrs Bailey said in a statement that the job has been "fascinating and all consuming" but that she felt "the time has come to hand over to someone else to take up the challenge and for me to seek new challenges and opportunities elsewhere." Non-executive director David Grigson will lead the search for Mrs Bailey's successor.