In a statement issued this morning, Trinity Mirror said that Graf will step down as chief executive in the summer of 2003.
The board of the national and regional newspaper group has appointed a subcommittee, to be headed by group chairman Sir Victor Blank, to identify a successor from internal and external candidates.
According to Graf: "After 10 years as chief executive of initially Trinity and subsequently Trinity Mirror, deciding to step down was tough. I feel, however, the foundations we have laid have created a strong platform for growth and I feel that this period of notice will enable an orderly succession to take place."
Graf was appointed chief executive of Trinity Mirror in September 1999, following the merger of regional newspaper firm Trinity and Mirror Group. His appointment followed the ousting of David Montgomery, who this week emerged as a bidder for SMG's Herald newspaper group.
In July, Trinity Mirror reported a 4.6% fall in profits, and advertising revenues on its national newspapers, which also include The People and the Sunday Mirror, were down 8%.
Interim operating profits in the six months to June 30 fell to £95.9m, down from £100.5m last year, as the group invested £6.5m in marketing, most of which is thought to have been spent on its costly price-cutting war with The Sun.
Trinity Mirror was forced to call off the expensive price campaign in May after several weeks, although it continues to sell the Daily Mirror in the London region for 20p. Trinity's decision to end its nationwide price war with arch-rival The Sun proved right critics who said it would not increase sales in the long term. Its June sales figures fell 0.57% -- the average daily sales figure for the month falling to 2,116,117. The Sun, owned by media powerhouse News International, grew 1.9% to 3,524,673 copies, as it continued with its discounted 20p cover price.
Prior to his role at Trinity Mirror, Graf spent 15 years with Trinity, becoming chief executive in 1993. During this time, he developed Trinity into one of the UK's most successful regional newspaper publishers.
In a statement, Sir Victor commented: "Philip is one of the UK's most respected and successful media executives. His passion and understanding of the industry is unrivalled, and he has over the past three years done a tremendous job in reorganising and developing Trinity Mirror. His decision to inform the board now gives us the opportunity to look for a successor in an open and orderly manner."
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