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Michaels Out as Tribune CEO

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As expected, Randy Michaels is out as CEO of Tribune Co.

The company confirmed that Michaels (pictured) was gone in a statement issued late Friday.

Michaels is being replaced by a four-man "executive council." Its members: Don Liebentritt, Tribune's chief restructuring officer; Nils Larsen, Tribune's chief investment officer; Tony Hunter, president, publisher and CEO of the Chicago Tribune; and Eddy Hartenstein, publisher and CEO of the Los Angeles Times.

The council, which will oversee the company's publishing and broadcast operations, reports to the Tribune's board of directors. In addition, the company said that Larsen has also been named Chairman of Tribune Broadcasting.

Michaels departure comes about two weeks after a scathing expose in the New York Times that reported how the corporate culture at Tribune under Michaels had devolved to something akin to a frat house, that some Tribune staffers described as sexist, hostile and unprofessional, the Times reported.

Also in its statement, Tribune said it expected to file its long-awaited reorganization plan with U.S. Bankruptcy Court in Delaware before the end of the day.

See also:
"Trib Suspends Lee Abrams"