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The Associated Press October 20, 2010, 7:59AM ET

Newspaper says Tribune Co. CEO plans to resign

The Chicago Tribune is reporting that the head of Tribune Co. plans to step aside by the end of the week.

Citing unidentified sources familiar with the decision, the newspaper says that CEO Randy Michaels will resign amid assertions that he fostered a sexist, "frat house" corporate culture.

The report says he is being replaced by a four-member committee, including the publishers of the Tribune and the Los Angeles Times, the company's chief investment officer and its chief restructuring officer.

Messages left with a Tribune Co. spokesman were not immediately returned.

It would be the second recent high-profile departure for Tribune, which is struggling to free itself from Chapter 11 protection. Last Wednesday, Chief Innovation Officer Lee Abrams stepped down after sending an inappropriate e-mail to staff.

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