Los Angeles Times CEO Eddy Hartenstein to resign Monday

0
The Los Angeles Times building. (Photo: Flickr / LA Wad)

The Los Angeles Times building. (Photo: Flickr / LA Wad)

Los Angeles Times publisher and CEO Eddy Hartenstein will step down this week in anticipation of a job on the board of the newly-formed Tribune Publishing, the paper reported Sunday afternoon.

Hartenstein will accompany five others on the board of Tribune Publishing, whose primary job functions will consist of managing CEOs at Tribune’s eight newspaper properties after the main company divides itself between broadcast and print assets.

The other board members include Tribune Publishing CEO Jack Griffin and four outside directors: Former Yahoo! executive David Dibble, Littlefuse Chief Financial Officer Philip Franklin, ad agency executive Renetta McCain and Rockefeller Foundation Chief Financial Officer Ellen Taus.

Tribune Publishing is expected to name the Times’ new CEO within the next several weeks, the paper said.

Tribune Company has long planned to split its broadcast and print assets into two separate companies since emerging from bankruptcy in early 2013. Tribune Broadcasting will consist of the company’s 39 television stations and one radio station when the print companies are spun off.

Tribune Publishing will consist of the Times, the flagship Chicago Tribune, the Baltimore Sun and less than a half-dozen other metropolitan papers.

Tribune Company’s parting gift to the publishing division will be approximately $350 million in debt.

Los Angeles Times: CEO Hartenstein to step down on Monday