Tribune Publishing replaces CEO Jack Griffin
Tribune Publishing Co., owner of the Chicago Tribune, ousted Chief Executive Officer Jack Griffin less than a month after investor Michael Ferro Jr. became nonexecutive chairman.
Taking Griffin's place is Justin Dearborn, former chief executive of Merge Healthcare, a Ferro-backed, Chicago-based information technology firm acquired by IBM in October for $1 billion. Dearborn has worked for Ferro since at least 1997.
"Although this is a different medium than my last technology company, it has the same challenge on how to create the highest value for our content," Dearborn said in a statement.
It's the second executive change announced in a week. Chicago Tribune Editor Gerould Kern of Long Grove departed Feb. 17 and was replaced by Bruce Dold, the paper's editorial page editor.
Dearborn's contract runs through Feb. 21, 2018. He'll receive an annual base salary of $600,000 and is entitled to an annual cash bonus with a target of 70 percent of his base compensation.
Griffin's tenure has been marked by a falling share price and conflict over strategy. The newspaper company has struggled since being spun off from the TV business now called Tribune Media Co.
Tribune Publishing, which also owns the Los Angeles Times, suspended its dividend earlier this month after Ferro became its largest shareholder with a $44.4 million investment, equal to a 17 percent stake, and joined the board. Ferro is also majority owner of the Chicago Sun-Times through his media holding company Wrapports LLC.
The Chicago Tribune said last week it will implement a metered paywall, meaning readers could read up to 10 articles a month online before being asked to subscribe.
The changes come less than three weeks after the company named Ferro as its nonexecutive chairman.
"The board thanks Jack Griffin for his significant contributions and wishes him the best of luck in his future endeavors," Ferro said in a printed statement.
• The Associated Press and Bloomberg News contributed to this report.