As Tronc prepares to sell off Los Angeles Times for $500 million, Michael Ferro, Chairman of the Newspaper company has stepped down.
Ferro announced his retirement on Monday which took immediate effect. Justin Dearborn, chief executive officer of Tronc, was named to succeed Ferro as chairman of the company that also owns the Chicago Tribune, New York Daily News and other major daily newspapers.
“I want to thank everyone who worked so hard over the last two years creating great journalism, strengthening the company’s financial position and delivering significant value for shareholders,” Ferro, 51, said in a news release Monday. “I am confident that under the leadership of Justin and the rest of the board and management team Tronc will continue to deliver value for investors while executing the plan for digital transformation.”
In recent weeks, Ferro has discussed with his fellow board members and the management team his desire to retire as chairman in connection with the closing of the Times transaction, the company said in the news release.
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