Health Care

Tronc's Michael Ferro Retires After LA Times Sale

Tronc's Michael Ferro Retires After LA Times Sale”

A company statement said Ferro has discussed with his board members and the management team his desire to retire as chairman after the Times is sold.

It was announced last month that tronc had reached a deal to sell the Los Angeles Times, The San Diego Union-Tribune and various titles in the California News Group to Nant Capital, LLC. He did, though, retain a $5 million-a-year job as a consultant for the media company.

Justin Dearborn, chief executive officer of Tronc, was named to succeed Ferro as chairman of the company that also owns the Chicago Tribune, New York Daily News and other major daily newspapers.

The resignation came hours before Fortune.com published an article in which two women, Kathryn Minshew and Hagan Kappler, detailed instances in which Ferro allegedly made unwanted sexual advances toward them during the course of business meetings. Ferro invested in the Tribune Company in 2016, and renamed it tronc.

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An email to tronc regarding the allegations was not immediately returned. "Ferro has retired after leading a financial turnaround of Tronc, we wish him well in his private life and will have no further comment".

Michael Ferro is retiring from the board of Tronc ahead of the newspaper chain's $500 million sale of the Los Angeles Times and other California assets. The transaction is expected to close in a few weeks.

"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. Previously, CEO of Merge Healthcare Inc., Dearborn and Ferro have a long history together.

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