Randy Michaels has been promoted to chief executive officer for Tribune, which has been operating under Chapter 11 bankruptcy for about a year. He takes over the top executive duties from Sam Zell, who will remain chairman. With his new appointment, Michaels joins the company's board of directors.
Since May 2008, Michaels has served as chief operating officer. Prior to COO, as executive vp and CEO of Tribune's interactive and broadcast divisions, he was a member of the company's senior executive team that took Tribune private in Dec. 2007.
Zell recommended that Michaels take on the CEO spot as a reflection of his increasing responsibilities.
"At this point in Tribune's evolution, no one is better suited to lead the company forward. Randy has a unique combination of real-time creativity, expertise and passion, and I completely trust his judgment and his leadership," Zell said.
Michaels has his work cut out for him as Tribune seeks to emerge from bankruptcy and cope with seismic shifts shaking the newspaper and TV businesses.
"There is a lot of work yet to do," Michaels said in the press statement. "But we have tremendously talented people and world-class brands in print, on air and online. Our businesses are profitable and we're gaining market-share and momentum in a tough environment. The entire management team is focused on the longterm and keeping Tribune at the cutting-edge of creativity and innovation, which will translate into success on the bottom-line."
Michaels (a.k.a., Benjamin Homel) is best known for his radio career, which began in the back rooms of radio stations as an engineer and advanced to the executive ranks as one of the architects of radio consolidation as head of Jacor Communications. He met Zell when Zell invested in Jacor, building up the company and selling it to Clear Channel. For a short time, Michaels ran Clear Channel Radio, exiting in 2002 when he ran afoul of CC management.
