Vincent Young resigned from his board position at Young Broadcasting last week.
TVNewsCheck previously reported Young's departure, and said Soo Kim of hedge fund Standard General has replaced him.
According to the report, Tom Sullivan was named chairman of the board, which also consists of Kim, Tony Cassara, Young chief restructuring officer Kevin Shea and Sheldon Galloway.
Shea confirmed Young's departure to B&C.
Young had been CEO of Young Broadcasting, a family-owned company, before being moved to a non-executive chairman role in August 2010. He'd not been a major factor in the company's operations since then.
Young Broadcasting entered bankruptcy in February 2009 under the weight of an ill-advised acquisition of KRON San Francisco. Last June, Young emerged from bankruptcy as "New Young" and shed some $800 million of debt.
Young owns 10 stations. Earlier this year, it shuttered its 67-year-old rep firm, Adam Young, Inc.