Its stock begins regular trading on the
The board will represent shareholders in the publicly traded company and oversee Tribune Publishing CEO
"Our job is to manage (revenue declines) judiciously over time while we pursue the growth areas of our business, which are increasingly digital growth areas … so that in the aggregate, we're a growth business," Griffin said.
Eddy Hartenstein will step down Monday as publisher and CEO of the Los Angeles Times to become non-executive chairman of the Tribune Publishing board. Griffin and Hartenstein will serve on the board along with four outside directors.
"The primary task of the board is to supervise management — hire the CEO, compensate the CEO, plan for the succession of the CEO and if need be, fire the CEO," said Thomas Lys, an accounting professor and corporate governance expert at Northwestern's Kellogg School of Management. "This is the direct representation of shareholders, which are the owners of the corporation."
In addition to Griffin and Hartenstein, the board is composed of David Dibble, the former top technology executive at Yahoo; Philip Franklin, chief financial officer of
Griffin, 54, a longtime magazine executive, became the inaugural CEO of Tribune Publishing in April. Hartenstein's successor at the Los Angeles Times is expected to be named within weeks.