Tribune Board Set to Oust CEO: Report

New York Times article, Abrams' resignation the final straw

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    NEWSLETTERS

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    The Tribune is preparing for more change at the top of the tower. 

    CEO Randy Michaels could be leaving the company as early as Tuesday either by resigning or receiving his walking papers from a board that is upset with his leadership, the Chicago Tribune and New York Times report.

    The possible move comes after a rough couple of weeks for Tribune executives

    Earlier this month The New York Times published a damaging article that gave a glimpse into a sexually charged, immature corporate culture inside the Tribune Tower.

    On Friday the company’s chief innovation officer Lee Abrams resigned over a memo to staff that included a salacious, satirical Onion News Network video, which featured some nudity and excessive use of the word “sluts.”

    The board is expected to ask for the resignation of Michaels, a former radio shock jock, because they’ve lost confidence in his ability to lead the struggling company, according to a report in The New York Times

    Michaels was hand picked by Tribune owner and real estate mogul Sam Zell to lead the company after Zell was ousted as CEO by the board in 2009.

    Zell, the company’s chairman, purchased the company in 2007 with the help of some creative financing, for around $8.2. The company is currently mired in bankruptcy.

    Tribune officials could not be reached for comment on Michaels' rumored departure.