By: Jennifer Saba
As a sign that Tribune Co. chief Sam Zell is stepping away from day-to-day operational duties, the board of directors named Randy Michaels as CEO and elected him to the board. Zell, who previously served as CEO, will remain chairman of the company.
“This appointment reflects Randy’s increasing responsibilities,” Zell said in a statement. “During the last two years, we’ve made substantial progress transforming Tribune from a collection of newspapers and television stations to a fast-paced, innovative media company that is using its scale and brands to compete more effectively than ever before.”
Tribune announced on Tuesday that it has been granted more time to file a reorganization plan as it works its way through bankruptcy. The company has until Feb. 28 to submit its plan.
Michaels was appointed chief operating officer of Tribune in May 2008. Prior to that, he was executive vice president and CEO of Tribune’s interactive and broadcast divisions. Michaels also served as chairman and CEO of Clear Channel Communications.
“There is a lot of work yet to do,” Michaels said in a statement where he also thanked the board and Zell. “We have tremendously talented people and world-class brands in print, on air and online. Our businesses are profitable and we’re gaining market-share and momentum in a tough environment. The entire management team is focused on the long-term and keeping Tribune at the cutting edge of creativity and innovation, which will translate into success on the bottom-line.”