Trinity Mirror swings the axe twice at the Mirror

Trinity Mirror is moving to a seven-day publishing model with the Daily Mirror, after jettisoning Richard Wallace and Tina Weaver, the editors of the Daily Mirror and the Sunday Mirror, respectively.

The move, which comes just one day after David Grigson officially took over as Chairman of the crisis-torn company, echoes the set-up of rival red-top tabloid The Sun, which recently moved to a seven-day publishing model when a Sunday version of Britain's best selling daily newspaper was launched.

The Sunday edition of the "Current Bun" (The Sun) replaced the News Corporation's News of the World title, which was sacrificed as the Rupert Murdoch tried to limit fall-out from the phone hacking scandal.

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Lloyd Embley has been appointed Editor of the Daily Mirror and Sunday Mirror with immediate effect. Lloyd was previously Editor of another Trinity Mirror publication, The People.

Daily Mirror editor Richard Wallace and Sunday Mirror editor Tina Weaver were given their marching orders on Wednesday morning before details of the switch to a seven day publishing model were revealed.

The Guardian newspaper reports that Wallace was accorded the traditional "banging out" from journalists who, although used to comings and goings in the editorial chair, were said to be shocked by the news.

Trinity Mirror said the seven day organisation across the two titles will be enabled through the company's multi-million pound investment in the ContentWatch editorial system. The new structure will ensure that the Mirror's news-room is fully equipped to achieve the company's multi-media publishing strategy across its newspapers, online, mobile and new e-editions for tablet devices.

The shares rose a penny on the news to 27.25p but are still down almost two-fifths over the last year and only five years ago the shares were trading above 550p, a share price decline that was instrumental in bringing about the downfall of the extremely well paid Chief Executive Officer, Sly Bailey.

Bailey served notice to quit at the beginning of May after shareholders expressed their anger that she was set to receive a £1.7m pay package for 2011, when the stock price fell 30%.

During her tenure as Chief Executive Officer Sly Bailey has reportedly trousered more than £14m in remuneration, even as the market value of the company crashed from more than £1bn to about £70m.