Michaels succeeds Zell

Amid speculation that Sam Zell could be pushed out of Tribune Co. as a result of last year's bankruptcy filing, the company's board of directors today announced that Randy Michaels will take over from Zell as chief executive officer of the company. Zell will continue on as chairman of the board.

Here's Zell's memo to staff:

Today we are announcing a transition in Tribune’s leadership. Acting upon my recommendation, the board of directors has appointed Randy CEO and has elected him to the board. I will continue as Tribune’s Chairman, providing strategic oversight and vision to the company’s management team.

During the last two years, we’ve achieved a seismic shift in Tribune’s focus and culture—we’re moving in the right direction and into the New Year with energy and optimism.

I have complete faith in Randy’s judgment and leadership. No one will work harder for Tribune. There is a great future ahead.

Sam

The news comes a day after the judge in Tribune's bankruptcy case agreed to give the company until Feb. 28 to complete a reorganization plan.