Former L.A. Deputy Mayor Named L.A. Times CEO, Publisher
Former financier Austin Beutner circled the paper as a potential buyer
Former L.A. deputy mayor and "jobs czar" Austin Beutner was appointed the new CEO and publisher of the Los Angeles Times on Monday, Tribune Publishing announced.
Beutner becomes the struggling paper's 14th publisher in 132 years, succeeding Eddy W. Hartenstein, who was recently named non-executive chairman of the Tribune Publishing Board.
“As an avid reader of the Los Angeles Times, I recognize the role it plays as a civic conscience for our city, region and state,” Beutner said in a statement.
Beutner's career has straddled Wall Street and the public sector. Raised in Michigan, he graduated from Dartmouth College. At 29, he became the youngest partner at Blackstone before joining the Clinton administration.
Beutner returned to Wall Street to co-found the investment bank Evercore Partners. His private fortune has been estimated in reports to approach $100 million. In 2010 he joined L.A. mayor Antonio Villaraigosa's administration for 15 months as a deputy mayor and "jobs czar" for which he received a salary of $1 a year.
Last week, Tribune Co. spun off the Los Angeles Times, the Chicago Tribune and eight other daily papers into the stand-alone Tribune Publishing Co.