Two years, billions of dollars and one bankruptcy later, Sam Zell is out as CEO of Tribune Co. In his place and at his recommendation: Randy Michaels, who has been part of Tribune’s management since Zell took it private in December 2007 and has been COO since mid-2008. Michaels also joins the Tribune board; Zell stays on as chairman and will continue to contribute “strategic oversight and vision.” Would that be the same oversight and strategy that put the Tribune in bankruptcy court? Release.
David adds: The news comes a day after Tribune’s bankruptcy court judge gave current management more time to come up with a reorg plan to emerge from Chapter 11, the Chicago Tribune reported. Creditors had challenged Tribune management’s request to maintain control, saying the company has had enough time to figure that out. Tribune’s exclusivity was set to expire at the end of November. It now has until Feb. 28 to map out its restructuring.
Michaels, not Zell, has been the face on most of Tribune’s decisions regarding the bankruptcy issues lately. In August, he issued a memo confirming rumors at the time that the media company