Tribune COO Randy Michaels has been named CEO and elected to the board of directors. Sam Zell gives up the CEO title but remains the chairman at Tribune.
Zell recommended the transition to the board. "This appointment reflects Randy's increasing responsibilities. 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," said Zell. "At this point in Tribune's evolution, no one is better suited to lead the company forward."
Michaels was appointed Chief Operating Officer in May 2008, and has been part of the company's senior executive team since Tribune's going-private transaction in December 2007. Prior to becoming COO, Michaels served as executive VP and CEO of Tribune's interactive and broadcast divisions.
Tribune entered Chapter 11 bankruptcy protection in December 2008.
"I am grateful to Sam and the members of the board for this vote of confidence and the opportunity," said Michaels. "I look forward to continuing to work closely with Sam and the rest of the board-this is a great company with a great future."