From NBC Chicago
In a new twist of events, the Tribune Company has replaced Sam Zell as its chief executive officer, CBS reports.
Zell, whose took over the company two years ago, will stay on as chairman.
Randy Michaels, who has been chief operating officer since May, will take over as CEO. Michaels has previously headed the Tribune’s interactive and broadcast divisions.
Zell’s replacement comes exactly one year after the company filed for Chapter 11 bankruptcy protection as it was being crushed by a $13 billion debt.
To reverse its tough econmic situation the company recently sold the Chicago Cubs to the Ricketts family and has been looking to sell other valuable assets like the Tribune Tower on Michigan Ave.
Among its properties, the company still owns the Chicago Tribune, the Los Angeles Times and WGN-TV and radio.