Tribune Co. CEO Resigns On Account Of Raunchy BehaviorOctober 25th, 2010 - 8:40 pm ICT by Pen Men At Work
October 25, 2010 (Pen Men at Work): The CEO of Tribune Co, Randy Michaels resigned last Friday on account of his raunchy behavior even as the company looked to get itself out of bankruptcy protection. The Tribune Co. filed its reorganization plans just hours after the news of resignation became public.
The powers at Tribune Co. hope that the federal judge would approve of their reorganized plans. They had been operating under the bankruptcy protection of the government for a little over two years.
Michaels had joined Tribune Co. only three years ago after a $8.2 billion buyout had been plotted by Sam Zell, the real estate bigwig in 2007. He rose to the rank of its CEO in the second half last year. A former radio jockey by profession, Michaels had managed to win the trust of Zell when he had been at the helm of Jacor Communications, a small broadcasting company owned by Zell.
It might have been the time of exit for Michaels anyway as the new owners would look to have their own management team once the reorganization plans were approved. However, his exit was hastened by the reports published in the front page of ‘The New York Times’. The story was written on the basis of several interviews with employees both past and present. Almost all of them had likened Michaels to the ringleader of a college fraternity house which was not in the least flattering. His habit of using profanities and sexual innuendos together with poker parties and encouragement of bawdy behavior seemed to have sealed his fate.
The Tribune Co. which owns the Chicago Tribune and Los Angeles Times along with other newspapers stated that it had appointed an executive council to take over Michaels’ responsibilities together with the publishing and broadcasting operations.
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