Tribune Publishing CEO to step down

CHICAGO — Tribune Publishing announced a shakeup of its leadership ranks Monday — less than three months after hedge fund Alden Global Capital became the company’s largest shareholder.

Tim Knight, a longtime company executive who became CEO in January 2019, has been replaced by Terry Jimenez,

Tribune Publishing’s chief financial officer. Knight will leave the company at the end of the month.

Jimenez will take Knight’s seat on the board, the company said in a news release.

Also, board member Philip Franklin has replaced David Dreier as nonexecutive chairman. Dreier will remain on the board.

“These changes are a natural transition as Tribune Publishing works to reduce its corporate and back-office costs and streamline its real estate footprint,” Dreier said in the news release.

The change in leadership comes amid the announcement last month of an employee buyout program to reduce head count and expenses.

Knight, 54, declined to comment Monday. His contract, which paid an annual salary of $600,000 plus up to a 100% cash bonus, was set to expire in January 2022.

Alden, a secretive New York hedge fund with a reputation for dramatic cost cutting, took a 32% stake in Tribune Publishing in November, mostly by acquiring the stake of former Chairman Michael Ferro. Two Alden representatives subsequently were added to the newspaper company’s board, expanding it to eight members. As part of that agreement, Alden is restricted from increasing its stake in the company to more than 33% until June 30.

In addition to the Chicago Tribune, Tribune Publishing owns the Daily News and several other titles.