Here is the official announcement that Tribune Company released on Friday afternoon (10/22):
“Tribune Company today announced that its board of directors has appointed an Executive Council that will assume the responsibilities of the Office of the Chief Executive and President and oversee the company’s publishing and broadcast operations. Randy Michaels has resigned as the company’s CEO, effective immediately.
The executive council is composed of: Don Liebentritt, Tribune’s Chief Restructuring Officer, Nils Larsen, Tribune’s Chief Investment Officer, Tony Hunter, President, Publisher and CEO of Chicago Tribune Company and Eddy Hartenstein, Publisher and CEO of Los Angeles Times Communications, LLC. Nils Larsen has also been named Chairman of Tribune Broadcasting. The Executive Council will report directly to Tribune’s board of directors.
Tribune Broadcasting President Jerry Kersting will work very closely with the Council and will continue in his role overseeing the company’s broadcast operations, including its 23 television stations, cable network WGN America, and WGN Radio. The company’s Chief Operating Officer, Gerry Spector, will report directly to the Council.
“These appointments are designed to ensure a smooth, seamless transition of management responsibilities to a group of experienced executives who have a strong understanding of the company’s media businesses,” said Sam Zell, Tribune’s Chairman of the Board. “The Council will provide the company with stability and continuity as it enters what is traditionally the busiest time of the year for its business units and their advertising partners. Tribune has strong brands, valuable assets and innovative, dedicated employees,” Zell continued. “Its media businesses have generated solid financial performance through the first three quarters of 2010—the company is building on that momentum.”
As previously announced, Tribune expects to file a plan of reorganization with the U.S. Bankruptcy Court for the District of Delaware later today.”