Struggling Tribune Ousts CEO

(RTTNews) - Tribune Publishing Co. (TPUB) Tuesday ousted its CEO Jack Griffin, just three weeks after he brought in Michael Ferro as the company's Chairman along with a significant amount of investment.

Chicago-based Tribune said it has appointed Justin Dearborn as Chief Executive Officer and a Director, effective immediately.

Dearborn most recently served as CEO of Merge, where he led the publicly traded company through a period of sustainable growth until its acquisition by IBM in October of 2015 in a $1 billion transaction.

Jack Griffin was instrumental in the spin-off that created Tribune Publishing Company as an independent, publicly traded company, from Tribune Media Co. (TRCO). However, following the spin-off Tribune's stock price has fallen about 70%.

"With the progress and foundation that has been laid, the timing is right for a new leader to come on board and lead Tribune Publishing through its next phase of transformation," said Jack Griffin.

TPUB is currently trading at $7.56, up $0.22 or 3.00% on the Nasdaq.