FitzSimons to Resign as Tribune CEO

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Tribune Co. said today that Chairman and Chief Executive Dennis J. FitzSimons would step down at the end of the year, immediately after the company completes a deal to go private. The resignation would be the first departure of a top Tribune executive as Chicago businessman Sam Zell prepares to take the reins, the Los Angeles Times reports.


FitzSimons, 57, is in line to walk away with as much as $40 million, depending on the date on which he chooses to depart, according to corporate disclosure statements.


“I am proud to have been part of Tribune for more than 25 years,” FitzSimons said in a statement. “The company’s greatest strength has always been the talent and dedication of its 20,000 employees. I thank them for their commitment to serving our readers, viewers, listeners and advertisers.”


Zell is expected to complete his takeover of Chicago-based Tribune, the parent of The Times, Thursday or Friday. The company will then be owned by an employee stock ownership plan created for the purpose, with Zell installed as chairman.


It was unclear whether other members of FitzSimons’ management team were also preparing to announce their departures. A Tribune spokesman declined to comment.



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