The Future of Print

CEO of struggling Sun-Times Media Group resigns – Yahoo! Finance

Posted in Doom by futureofprint on February 6, 2009

CHICAGO (AP) — Sun-Times Media Group Inc. Chief Executive Cyrus Freidheim said Wednesday he will resign at the end of the month.

Davidson Kempner Capital Management LLC, a hedge fund with a 5.9 percent stake in Sun-Times Media, last month engineered the removal of all but one of Sun-Times Media’s seven-member board, including Freidheim, and replaced them with Davidson’s three nominees.

Freidheim, who took the job in 2006, said in a statement that with a new board in place “it is time for me to move on.” The company hasn’t named his replacement. A former vice president of Booz Allen Hamilton, Freidham instituted staff cuts and outsourcing of several functions and departments at Sun-Times as advertising revenue decreased.

via CEO of struggling Sun-Times Media Group resigns – Yahoo! Finance.

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