He is to be replaced by Trinity Mirror editorial director Phil Hall, the former editor of the News of the World.
It is not thought that Luxmoore's departure will affect Lewis Jones, who was appointed in January to the new position of head of brand development.
Luxmoore's leaving swiftly follows the news last week that the Daily Mirror's circulation dropped below the critical 2m mark for the first time, falling to 1,997,846.
He is the third senior Trinity Mirror executive to lose his job since the arrival of Bailey as chief executive earlier this year from IPC Media.
Luxmoore joined the company in September 2001 and was responsible for the Daily Mirror, Sunday Mirror and The People. He joined from Internet Securities and had previously held senior marketing roles at Dollond & Aitchinson.
Earlier this month, Mark Haysom, managing director of Trinity Mirror's national newspapers, became the third high-profile executive to leave the company. His departure left Bailey in direct control of the company's national newspapers, including the Daily Mirror.
Hayson was preceded out of the door by Richard Wyatt, director of corporate development, and by Joe Sinyor, chief executive of newspapers, in January.
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