By Michael Oneal, Steve Mills and Stacy St. Clair | Randy Michaels, Tribune Co.’s embattled chief executive, has decided to resign his post at the Chicago-based media company and intends to leave the company before the end of the week, sources close to the situation said.

He will be replaced by a four-member office of the president that the sources said would comprise Eddy Hartenstein, president and publisher of the Los Angeles Times; Tony Hunter, president and publisher of the Chicago Tribune Media Group; Nils Larsen, Tribune Co.’s chief investment officer; and Don Liebentritt, chief restructuring officer.

Randy Michaels, second from left, listening to Sam Zell's press conference after he took over the Tribune Co. in 2007. (Chicago Tribune / Jose More)

By Michael Oneal and Phil Rosenthal | Tribune Co.’s board is preparing for the possible departure of embattled Chief Executive Randy Michaels, sources close to the situation said, and will explore his fate at a board meeting expected to begin about 9 a.m.Tuesday.

The sources said it was probable the board would conclude that Michaels has been too tarnished by the recent resignation of Lee Abrams, one of his top lieutenants, as well as a critical front-page New York Times story, to continue his tenure.

One source said Michaels was exploring resigning from the company and may present his decision to the board as soon as the Tuesday meeting in Chicago. The source said the board has discussed succession issues and a separation agreement for Michaels. Get the full story>>