Annnnnnd...Hiller's out at LAT

http://www.latimes.com/business/la-fi-hiller15-2008jul15,0,2815645.story

One down, 149 to go for Zell

 

I can't define a corporate functionary and empty suit, but I know one when I see one.

 

Least. Surprising. News. Ever.
This, coupled with the news out of Chicago, just indicates that more resignations are coming.

 

And, on a related topic, from the TellZell blog, which is a particularly angry and hard-hitting read today:

http://www.tellzell.com/2008/07/black-monday.htm

The couple of comments are worth noting, too. So bad, and sad.

And I can't help but wonder what Hiller's severance package will be like.

(Note: The bad link above is fixed two posts down. My apologies to all).

 

Link to TellZell doesn't work.

 

Sorry, Sock...

Try this one.

http://www.tellzell.com/2008/07/black-monday.html

 

Deleting the publisher's salary should save at least 10 jobs, even at LAT pay rates. (blue font)

 

first poster was right.. what about the WARN Act. Isn't that above and beyond the call for the severance package too?

 

Figure this is a good place and time to remind us all about this guy, the former Tribune Co. CEO:

Tribune’s FitzSimons Resigns As Zell Takeover Nears; Funding Not Yet Finalized
By David Kaplan - Wed 19 Dec 2007 10:24 AM PST

Tribune Company Chairman and CEO Dennis FitzSimons is expected to resign as early as today, according to the company’s LAT. The Chicago Tribune reports that the timing depends on the funding, which is going down to the wire. Lots more in extended entry…

FitzSimons’ departure is not a surprise, as the company prepares to go private under new chairman Sam Zell by the end of this week. After 25 years at Tribune, FitzSimons could leave with $40 million, depending the timing of his exit. His severance package could reach $10.7 million, with stock options and restricted stock worth $6.9 million. FitzSimons could also receive a $4 million payment to cover his taxes on the rest of the package. FitzSimons, who became CEO in 2003 and chairman in 2004, also owned 498,202 shares as of March 31, worth $16.9 million at the price of $34 a share under the Zell buyout.

 

Is it just me, or is tellzell.com down?

 

Just you.