The Observer yesterday named Arculus, the former chairman of mobile network O2, as one of four potential successors to Sir Victor Blank, who is leaving Trinity Mirror in May after eight years as chairman.
Blank's departure is believed to be the catalyst for stakebuilding by two US shareholders in the hope that, without him, Trinity Mirror is more likely to sell off its national newspaper division, which houses the Daily Mirror.
This morning, it emerged that Harris Associates increased its 8.11% shareholding to 9.04%. Just over two months ago, it owned less than 3% of the company. The other US shareholder, Tweedy Browne, has also been buying, taking its stake to above the 5% mark last week.
Trinity's next chairman will play a crucial role in deciding the future of the Daily Mirror. In addition to Arculus, Sir Julian Horn-Smith, the deputy chief executive of Vodafone, has been approached according to the Daily Telegraph.
Although the other two names have not emerged, Arculus' experience at other publishing groups and in other heavy-hitting roles marks him down as a strong candidate.
Early in his career, he worked for magazine publisher Emap, rising to group managing director. He has gone on to occupy several roles as chairman, most relevantly at another magazine publisher, IPC Media, at the same time that Sly Bailey, current Trinity Mirror chief executive, was heading the company.
Arculus's other chairmanships include O2, Severn Trent, the government's Better Regulation Taskforce, and he is currently deputy president of the Confederation of British Industry.
Trinity Mirror shares opened this morning at 609p, having been as low as 555p early last week.
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