Monday, December 31, 2007
News / News Bites Hauls to the chiefs
Posted by Michael Miner on Mon, Dec 31, 2007 at 4:14 PM
As the year ends, a time to reflect . . .
Former CEO Dennis FitzSimons, who gave the Tribune Company 25 years, just walked out the door Sam Zell held open with a package worth $38.3 million in severance and stock. The sums bandied about in civil litigation were vastly larger, but in the end Conrad Black was convicted of stealing $6.1 million from Hollinger International and he just got six and a half years in prison. Maybe he should have fired himself instead.
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Dennis probably cost Tribune Co as much as Conrad stole from Hollinger International, he just did it with his boards approval. Good Bye & Good Riddance!
Lord Black also had the approval of his board, but Fitzgerald decided that he should still be incarcerated, and was able to convince a jury likewise. JBP
For years, Tribune management has done little to improve the company's bottom line beyond cutting costs and eliminating jobs. If Sam Zell really means to grow Tribune, rather than sell off its most profitable parts, getting rid of existing management, no matter what the cost, would be a good first step. FitzSimons doesn't deserve this payment after the poor job he has done, but what failed corporate executive does? It may be hard for some to see the difference between Black’s and FitzSimons’ thievery, but this is the way of the world.
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