Reach veteran Vijay Vaghela stands down from board

British newspaper, magazine and digital publisher Reach revealed on Monday that the group's finance director and company secretary Vijay Vaghela would be standing down from the group after more than two decades of service.

Vaghela, who had been with the business for almost 24 years, has a 12-month notice period and will remain in his position until a successor has been recruited to ensure an orderly handover.

Simon Fox, Reach's chief executive, said, "I am hugely grateful to Vijay for the extraordinary impact he has had on the business over the past 24 years. He will leave the business in a strong state, having delivered a transformational acquisition, renegotiated the triennial pension funding valuations and put in place a 4-year finance facility."

Vaghela added, "The business has changed significantly since I joined Mirror Group in 1994. I am proud of what the business has achieved over the years and am pleased that I had the opportunity to work with many talented individuals."

As of 1415 BST, Reach shares had fallen 4.86% to 72.50p.