Tribune Co. has agreed to terms with its former chief executive who resigned under pressure a little more than a year ago, the Chicago Tribune reports.
Randy Michaels will receive $675,000 in a settlement from Tribune relating to his departure in October 2010, the report says.
Michaels left the company after news reports alleged he had created a sexist "frat house" atmosphere, as previously reported.
The settlement stems from Michaels’ demand that he receive $900,000, the pro-rated portion of his 2010 management incentive bonus, the story says. Michaels argued that he was "terminated without cause," which would have triggered the payment under the bonus clause. While Tribune disagreed, it decided to settle in order to avoid litigation, the story notes.
The settlement will need to be approved in Tribune’s Chapter 11 proceeding, the piece adds. Both Tribune and Michaels declined to comment.