Directors Tied To Chandlers Resign From Tribune Co. Board
June 5, 2007 at 5:49 AM (PT)
The members of the TRIBUNE CO. board of directors representing the CHANDLER family trust have resigned as the sale of the company to SAM ZELL and an employee stock ownership plan moves forward.
JEFFREY CHANDLER, WILLIAM STINEHART JR., and ROGER GOODAN tendered their resignations MONDAY in accordance with the deal that is taking the company private. The CHANDLERS have tendered all 48.1 million of their TRIBUNE shares but the pro-rata buyback that the company is completing will leave the CHANDLERS with 17% of the company's outstanding stock, about 20.4 million shares, which the family plans to sell.