Tribune Co. Cash Flow Off 12% In First Quarter
Tribune Co. CEO Dennis FitzSimons continues to fall on his face in performance, guiding the company to a catastrophic 12% decline in operating cash flow and a $15.6 million overall loss in the first quarter.
Who is the hapless FitzSimons trying to emulate? Ken Low, the late CEO of Enron?
Sam Zell, the buyer of Tribune, has said he will keep present management, pending a review and evaluation. If only Zell, whose ownership will not be final until the end of the year, could do both in the next 24 hours and give FitzSimons, senior member of the "axis of stupidity" which has been driving the Tribune newspapers into the ground, his walking papers. FitzSimons needs to get out of the company's hair.
He deserves only a small severance, perhaps $3.
[snip]
No, the time has come for this failed manager to GO, and if he won't jump over the side voluntarily, he ought to be pushed. It's too late to save his business career.
Friday, April 20, 2007
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