Regional bank operator PNC Financial Services Group Inc. said Thursday that its third-quarter income nearly doubled as it set aside sharply less money to cover bad loans. Get the full story »
Inside these posts: CEOs
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Tribune CEO poised to resign
By Michael Oneal, Steve Mills and Stacy St. Clair | Randy Michaels, Tribune Co.’s embattled chief executive, has decided to resign his post at the Chicago-based media company and intends to leave the company before the end of the week, sources close to the situation said.
He will be replaced by a four-member office of the president that the sources said would comprise Eddy Hartenstein, president and publisher of the Los Angeles Times; Tony Hunter, president and publisher of the Chicago Tribune Media Group; Nils Larsen, Tribune Co.’s chief investment officer; and Don Liebentritt, chief restructuring officer.
Sun-Times’ Tyree diagnosed with stomach cancer
James Tyree, the Mesirow Financial chief executive who nearly four years ago had a kidney and pancreas transplant, has been diagnosed with stomach cancer.
Tyree said he doesn’t know the stage of the cancer yet.
“I’ll find that out over the next few days,” he told the Tribune in a phone interview from his office, where he continues to work every day. “They did more tests to find out if it has spread anywhere else,” he said, noting that it’s currently in his stomach and one lymph node. Get the full story »
Oct. 19, 2010 at 2:05 p.m.
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Filed under: Bankruptcy, Chicago executives, Media, Newspapers Tribune CEO Randy Michaels: I have not resigned
By Michael Oneal and Stacy St. Clair | Randy Michaels, the embattled chief executive of bankrupt Tribune Co., said Tuesday he did not resign from the company despite expectations that he might step down from his post or be asked to leave it at a board meeting Tuesday.
“I work here today and I’m still working,” he said on his way to lunch with Chief Operating Officer Gerry Spector.
The board of the Chicago-based media company met at Tribune Tower in Chicago Tuesday amid a swirl of controversy over disclosures of sexist and boorish behavior among Michaels and his hand-picked team of executives. Get the full story »
Tribune board to weigh CEO Randy Michaels’ fate
Randy Michaels, second from left, listening to Sam Zell's press conference after he took over the Tribune Co. in 2007. (Chicago Tribune / Jose More)
By Michael Oneal and Phil Rosenthal | Tribune Co.’s board is preparing for the possible departure of embattled Chief Executive Randy Michaels, sources close to the situation said, and will explore his fate at a board meeting expected to begin about 9 a.m.Tuesday.
The sources said it was probable the board would conclude that Michaels has been too tarnished by the recent resignation of Lee Abrams, one of his top lieutenants, as well as a critical front-page New York Times story, to continue his tenure.
One source said Michaels was exploring resigning from the company and may present his decision to the board as soon as the Tuesday meeting in Chicago. The source said the board has discussed succession issues and a separation agreement for Michaels. Get the full story>>
Oct. 18, 2010 at 5:26 p.m.
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Filed under: Computers, Consumer electronics, Personnel moves, Software, Technology Microsoft’s successor to Bill Gates to retire
Microsoft Corp said on Monday that chief software architect Ray Ozzie, the man who took over that role from co-founder Bill Gates, would retire and not be replaced.
The move signals a new phase in Microsoft’s shift toward cloud computing, which Ozzie championed, and cements control of the company’s direction under Chief Executive Steve Ballmer. Get the full story »
Oct. 15, 2010 at 1:45 p.m.
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Filed under: Chicago executives, Personnel moves, Pharmaceuticals Baxter’s Arduini to leave for Integra
The departing head of Baxter International Inc.’s medication delivery business will become president and chief operating officer of a New Jersey based maker of orthopedic and neurosurgical devices and instruments. Get the full story »
Business Council finds CEO sentiment souring
America’s corporate leaders are profoundly more pessimistic this fall about prospects for the U.S. economy and their own profitability than they were this spring, according to a survey of CEO sentiment released on Thursday. Get the full story »
Wintrust Financial chooses new COO
From Fox Business News | Wintrust Financial said Tuesday it had appointed David E. Lee chief operating officer of Lake Forest Bank & Trust.
Survey: Recession drives bosses and workers closer
Few bosses need worry that their employees want their jobs as most workers are just happy to be employed, and one fifth would even have a fling with their boss if it helped their career, according to a U.S. survey.
The U.S. recession has driven bosses and their employees closer together and only 30 percent of employees want their boss’s stressful job, recruitment firm Adecco Staffing U.S. found in a poll tied to National Boss Day in mid-October.
But the survey found that some people are willing to go to greater lengths to keep their jobs in a tough market. Get the full story »
General Growth names Ackman spinoff chairman
General Growth Properties Inc. on Friday named the board of its future spin-off company and appointed hedge fund manager William Ackman to become its chairman when the mall owner and property developer emerges from bankruptcy. Get the full story »
American Apparel names new president
American Apparel Inc said on Friday it has named Tom Casey as acting president. Get the full story »
Citi selling $1.6B retail credit card assets to GE
Citigroup is selling $1.6 billion in retail credit card assets to GE Capital as the bank continues to shed smaller businesses to focus on its core consumer banking operations. Get the full story »
Ex-Chicagoan Costolo to take over at Twitter
Dick Costolo (Getty Images)
Former Chicagoan Dick Costolo has been elevated to chief executive of Twitter, where he had been chief operating officer for the last year.
Twitter co-founder Evan Williams, who had been CEO of the microblogging service since 2008, announced the change Monday on the company’s official blog. Williams said he’s staying with Twitter and will “be completely focused on product strategy.” Get the full story »
CEOs wary of health costs, end of Bush tax cuts
U.S. chief executives are becoming more confident about the economy, though many worry high employee health care costs and the possible end of Bush-era tax cuts for the wealthiest Americans could hurt businesses.
Vistage International, an organization for chief executives, said on Monday its confidence index edged up to 95.1 in the third quarter from 94.4 in the prior three months. The index is 12 percent above its year-earlier level of 84.9.
The survey, which was conducted between September 14-24 and covered about 1,800 CEOs of small-to-medium sized companies, found that 92 percent of the respondents expected health costs to rise as companies implement the healthcare reform plan, designed to provide insurance to 32 million Americans who don’t have coverage. Get the full story »
