Oct 20, 2010

Randy Michaels watch, day three

Tribune Co. CEO Randy Michaels has "decided to resign," according to the Chicago Tribune, and company executives have a succession plan in the works that includes Los Angeles Times publisher Eddy Hartenstein.

From the story:
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, chief executive and publisher of the Los Angeles Times Media Group; Tony Hunter, president and publisher of the Chicago Tribune Media Group; Nils Larsen, Tribune's chief investment officer; and Don Liebentritt, chief restructuring officer.

The development comes after weeks of turmoil at the bankrupt company, brought on by assertions that Michaels and his management team displayed boorish behavior and fostered a sexist, hostile work environment. The Tribune board met Tuesday, but no announcement on Michaels' fate followed.

The sources said Michaels had willingly decided to make his exit, having concluded that it was best for the company under the circumstances. He and the board had determined that the turmoil was distracting employees, threatening to hurt business and complicating the company's efforts to emerge from a contentious bankruptcy process.
Does anyone else think the unnamed sources sound a lot like the company executives who forced Michaels to willingly resign his job?

Tribune has done a good job of turning what should have been a single "CEO fired" story into multiple days of incremental updates and anonymous leaks that have probably bored most readers and will end with Michaels announcing he's going to step aside for the good of all involved.

1 comment:

Anonymous said...

I'm all a twitter waiting for the news. This could surpass a peace in the middle east announcement.