December 19, 2007
FitzSimons to Step Down as Tribune Company Chairman and CEO
CHICAGO, Dec. 19, 2007 –- Tribune Company (NYSE:TRB)
announced today that Dennis FitzSimons will step down as
chairman and chief executive officer immediately after the
company completes its going-private transaction. FitzSimons
will leave the company at the end of the year.
"I am proud to have been part of Tribune for more than 25
years," said FitzSimons. "The company’s greatest strength
has always been the talent and dedication of its 20,000
employees. I thank them for their commitment to serving our
readers, viewers, listeners and advertisers."
On April 2, 2007, Tribune announced its intention to become
a private company, owned 100 percent by the Tribune Employee
Stock Ownership Plan (Tribune ESOP). At that time, Sam Zell
made an initial investment of $250 million in the company.
He joined Tribune’s board of directors in May. When the
transaction closes, his investment in Tribune will increase
to $315 million and he will become chairman of the board.
"Sam Zell is an entrepreneur with a phenomenal track
record," added FitzSimons. "He has made a significant
investment in Tribune that indicates his strong belief in
the value of the company’s media assets. It was Sam’s
creativity, personal commitment and investment that made
this transaction possible."
"Dennis FitzSimons has provided Tribune with outstanding
leadership through a challenging environment," said Zell.
"He helped build the company into one of the nation’s
premier media businesses, and has been instrumental in
guiding Tribune to the closing of this historic transaction.
I wish him much success in the next phase of his career."