Michael Ferro, the largest shareholder of Tronc, Inc., is stepping down as chairman of the publisher which includes the Chicago Tribune, New York Daily News, South Florida Sun-Sentinel and other newspapers. (Adweek)
CEO Justin Dearborn will succeed him as chairman. Ferro will still be paid $5 million per year by Tronc through Dec. 31, 2020 to serve as a consultant. (Fortune)
Tronc made the announcement hours before the publication of a report in which two women accused him of inappropriate sexual advances. (NYT)
“Michael Ferro has had no claims filed against him while leading Tronc as chairman. Further, we are aware of no claims filed against Mr. Ferro throughout his career. As Mr. Ferro has retired after leading a financial turnaround of Tronc, we wish him well in his private life and will have no further comment,” the company said in a statement. (WSJ)