The Latest -- Randy Michaels Plans To Resign From Tribune
October 20, 2010 at 4:27 AM (PT)
Reports early YESTERDAY (10/19) had TRIBUNE CEO RANDY MICHAELS about to be pushed out during an afternoon board meeting, but that was not to be (NET NEWS 10/19). Following the meeting, THE CHICAGO TRIBUNE reported MICHAELS said "he did not resign from the company despite expectations that he might step down from his post or be asked to leave it at a board meeting." "I work here TODAY and I'm still working," MICHAELS said on his way to lunch with COO GERRY SPECTOR.
In a statement following that board meeting, THE TRIBUNE CO.wrote, "TRIBUNE's board of directors is focused on filing the company's plan of reorganization this FRIDAY and has no comment on any other issue."
TODAY however, THE CHICAGO TRIBUNE newspaper is back to reporting that MICHAELS will resign. Writes THE TRIBUNE, "RANDY MICHAELS, TRIBUNE CO.'s embattled chief executive, has decided to resign his post at the CHICAGO-based media company and intends to leave the company before the end of the week, sources close to the situation said. He will be replaced by a four-member office of the president that the sources said would comprise EDDY HARTENSTEIN, President and publisher of the LOS ANGELES TIMES; TONY HUNTER, President and publisher of the CHICAGO TRIBUNE MEDIA GROUP; NILS LARSON, TRIBUNE CO.'s Chief investment Officer; and DON LIEBENTRITT, Chief Restructuring Officer."
If the resignation does happen, it would culminate weeks of turmoil at the company. A company-wide memo sent to employees by Chief Innovation Officer LEE ABRAMS drew complaints to the company's human resources department (NET NEWS 10/12). That was followed by a suspension -- and finally a resignation (NET NEWS 10/15).
YESTERDAY (NET NEWS 10/19), ABRAMS responded to the situation in an open letter in which he wrote, ""I believe it is important to state the facts as they apply to my recent and abrupt departure from TRIBUNE COMPANY."
TODAY's turn of events has MICHAELS willingly exiting. Reports THE TRIBUNE, MICHAELS has "concluded that it was best for the company under the circumstances. He and the board had determined that the turmoil is distracting employees, threatening to hurt business and complicating the company's efforts to emerge from an especially contentious bankruptcy process."