Neil Jagger, Chief Operating Officer at Reach, has been shown the door as part of a restructure at the company, which publishes the Mirror and Express newspapers.
Around 550 employees have been made redundant in a streamlining exercise which follows a 29.5% drop in print revenues and a 14.8% fall in digital revenues for the company’s last reported quarter.
Shedding one in eight jobs and other cost-cutting measures are expected to save Reach £15m this year and £35m every year thereafter.
The Federation of Independent Retailers (NFRN) expressed shock at the news. National President Stuart Reddish said: “I’m sure that Neil would agree that while we have not always seen eye to eye, we have always respected each other’s views. We wish him all the best for the future.”