By: E&P Staff Sun-Times Media Group, publisher of the troubled Chicago Sun-Times, turned to its board for its new chief executive officer, naming turnaround specialist Cyrus F. Freidheim Jr. to the post Wednesday.
Freidheim, a member of the board since October 2005, is a former longtime executive with the management consulting firm BoozAllenHamilton Inc. who was credited with reversing the sagging performance of Chiquita Brands International as its CEO from 2002 to 2004.
Freidheim takes leadership of a publishing company that is exploring all options for its future, including a sale.
"Like many other news publications, (Sun-Times News Group's) brands face an extremely difficult and rapidly changing operating environment, and they also have the legacy challenge of years of disinvestment," Friedheim said in a statement. "To preserve and enhance their value, as well as value for all of our shareholders, we need to take decisive action to stabilize and then grow revenues, and further reduce costs. That is what we will do, and we intend to move quickly." Sun-Times News Group is the operating group for the company's collection of about 100 daily and community papers published in the Chicago market.
Freidheim will assume his new position immediately, the company said, succeeding Gordon A. Paris, who has served as CEO since November 2003.
As previously announced, Paris will remain a member of the board and chairman of its Special Committee, which continues to investigate the alleged plundering of the company, formerly known as Hollinger International, by former Chairman Conrad Black and other top executives.
Sun-Times Media Group is closing its New York City office and moving its headquarters to Chicago by the end of the year.
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