Late last night, The New York Times and The Chicago Tribune reported that the Tribune Company board may be planning to ask CEO Randy Michaels to resign. That it may happen at a board meeting taking place today. That Michaels’ successor and his golden parachute were already being discussed.
This is all according to inside sources who spoke to the media outlets on condition of anonymity. We are praying that they are reliable sources who are right about everything.
What seems to have motivated the board to consider ousting Michaels was not the prolonged downward spiral of the media properties under his management, but the embarrassing report by the NY Times detailing his inappropriate, sexist behavior, and the resignation of fellow exec Lee Abrams over an embarrassingly sexually explicit memo. From the Chicago Times:
Board members, sources say, began to worry about possible liability issues related to their fiduciary duties and started exploring Michaels’ fitness to run the company.
In other words, they woke up. Now when are they gonna get rid of the guy?
Previously on FBLA: