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Dec 19 2007 10:47AM EST

Report: Tribune CEO Resigns

Major fallout this morning from Sam Zell's takeover of Tribune Co.: Dennis J. FitzSimons, the company's chairman and CEO, is resigning, according to the (Tribune-owned) Los Angeles Times.

Some analysis:

FitzSimons' resignation is not surprising, given the differences in his and Zell's management styles. Under FitzSimons, Tribune has had a highly centralized management structure; Zell is known for an entrepreneurial approach. Zell is expected to reduce corporate overhead by delegating more operational decisions to executives at individual business units.

FitzSimons can expect a kiss-off worth up to $40 million after a 25-year run at Tribune. Zell's $8 billion deal to take Tribune private is expected to close later this week.

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