Report: Tribune Board Plans to Oust Chief Executive
Source says board has "lost confidence" in Randy Michaels.
The Tribune Co.'s board of directors will likely seek the resignation of its controversial chief executive, Randy Michaels, on Tuesday, according to a report in the New York Times.
The Times, quoting an unidentified person "directly involved in the matter," said the board had lost confidence in Michaels' ability to lead the troubled company.
Michael's resignation would follow hot on the heels on the high-profile exit of another Tribune Company executive, Lee Abrams. Abrams stepped down as the Tribune's chief innovation officer after sending a sexually explicit memo to the entire company.
Michaels became the chief executive of the Tribune Co. in December after joining the company two years prior to that.
The troubled company has been the subject of increasingly critical reports and remains mired in bankruptcy court after a 2008 filing, with legal fees alone now over $180.