Tribune Co To Pay Randy Michaels $675,000 Settlement

Tribune Co. has agreed to pay former CEO Randy Michaels a settlement of $675,000, plus $50,000 in legal fees, reports TheWrap.

Why exactly is he getting this money? Michaels resigned in October 2010 after a damning New York Times article made the place look like a madhouse.

But Michaels later claimed he was eligible for a bonus through the company’s “management incentive plan.” TheWrap: “The MIP says that one must be employed to collect the bonus, except in cases of death, disability, retirement and termination without cause.

AW+

WORK SMARTER - LEARN, GROW AND BE INSPIRED.

Spring Special

Save 30% Off an ADWEEK Subscription Today!

View Your Options

Already a member? Sign in