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UPDATE 2-Daily Mail appoints new chief financial officer
April 6, 2017 / 8:15 AM / 7 months ago

UPDATE 2-Daily Mail appoints new chief financial officer

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April 6 (Reuters) - Daily Mail & General Trust (DMGT) said on Thursday it has appointed Tim Collier as group chief financial officer, filling the post vacated by Stephen Daintith, who left the group to join Rolls-Royce.

Collier, who joins from news and information company Thomson Reuters Corp , takes up his new post on May 2, the publisher said.

Collier held the post of CFO at Thomson Reuters’ Financial and Risk unit, the company said.

Collier joins the group at a time when it needs to extract more revenue from online as advertising sales from the Daily Mail newspaper shrink fast.

However, its celebrity-focused websites, and MailOnline, are among the most popular in the English language.

Last year, it named Paul Zwillenberg, a digital media specialist, as its chief executive, bringing in an outsider to try and drive up revenues from its popular websites.

To slim down its sprawling range of businesses, the company has reduced its stake in Euromoney, a separate business information company, from around 67 percent to around 49 percent.

In January DMGT cut its revenue forecast for its data and analysis business which serves the property, education and energy sectors, to mid single-digit growth from a previous forecast of high single-digit growth, as business in the first quarter was adversely affected by reduced levels of activity in the UK property market.

Shares in the company were down 0.9 percent at 705.50 pence by 0826 GMT, when the Stoxx Europe 600 media sector index was down 1.4 percent. (Reporting by Rahul B in Bengaluru; Editing by Greg Mahlich)

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