Two top executives at newspaper publisher Tribune are stepping down as the company deals with its largest shareholder, a hedge fund known for cutting newsroom jobs, andgrapples with a decline in revenue as the print-ad business shrinks. The company is promoting chief financial officer Terry Jimenez to be the new CEO effective January 31. His statements on Monday acknowledged that Tribune wouldcontinue repositioningitself to navigate “industry-wide challenges” while improving financial results. Hedge fund Alden Global Capital became Tribune Publishing’s largest shareholder last year; it holds a 32 percent stake. Alden owns one of the country’s l argest newspaper chains and is known as a cost-cutter that eliminates newsroom jobs to squeeze out profits.

Source: The Standard February 19, 2020 02:48 UTC