Chandler reps exit Tribune board
EmptyNEW YORK -- Tribune Co. said Monday three board members representing the Chandler Trusts have resigned upon completion of a share tender offer, as agreed under a buyout deal with real estate magnate Sam Zell.
With the departure of Jeffrey Chandler, Roger Goodan and William Stinehart Jr., the board now has nine members including Zell, who was elected on May 9 and will become chairman after Tribune is taken private.
The Chandler Trust representatives were elected to the board in 2000, when Tribune acquired The Times Mirror Co. The Trusts now hold about 17% of Tribune's outstanding shares, down from about 20% before the tender offer.
The Chandler Trusts have agreed to sell all remaining Tribune shares through a block trade underwritten by Goldman, Sachs & Co., Tribune said.