WASHINGTON (AP) — Newspaper publisher Tronc has named CEO Justin Dearborn as its chairman of the board, replacing Michael Ferro, who is retiring.
Chicago-based Tronc Inc., which operates newspapers including the Chicago Tribune, New York Daily News and The Baltimore Sun, announced last month it had sold the Los Angeles Times and other papers for $500 million and an additional $90 million in pension benefits.
"Michael retires having created considerable shareholder value for the company in just two years as chairman of the board," Dearborn said, adding that the company had tripled its market capitalization, quadrupled its cash holdings and reduced its debt under Ferro's leadership.
Dearborn was appointed CEO of Tronc in February 2016. He previously led Marge Healthcare until its acquisition by IBM for $1 billion in October 2015.