Randy Michaels named CEO of Tribune Co.

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Randy Michaels was named chief executive of Tribune Co. today, succeeding Sam Zell, who took the Chicago-based media company private in 2007.

Zell remains chairman of the company, which owns the Los Angeles Times, KTLA-TV, the Chicago Tribune and several other media outlets.

Tribune filed for bankruptcy protection last year under a debt load of about $13 billion. Tuesday, a U.S. Bankruptcy Court judge extended until Feb. 28 the company’s exclusive right to file a reorganization plan, turning down a challenge to that exclusivity by a group of creditors.

Michaels, who also joins the Tribune board, has been the company’s chief operating officer since May 2008. In a statement, Zell said, ‘I have complete faith in Randy’s judgment and leadership. No one will work harder for Tribune.’

-- David Colker