Michaels, 57, joined Tribune Co.’s executive ranks when Zell took the company private in a debt-heavy December 2007 transaction, becoming its chief operating officer half a year later. With the elevation to CEO, Michaels also will join the Tribune Co. board.
Calling Tribune Co. “a great company with a great future,” Michaels said in today's announcement that: “There is a lot of work yet to do, but we have tremendously talented people and world-class brands in print, on air and online. Our businesses are profitable and we’re gaining market-share and momentum in a tough environment. The entire management team is focused on the long-term and keeping Tribune at the cutting-edge of creativity and innovation, which will translate into success on the bottom-line.”