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.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.
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.