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Chicago CEO Sun-Times Media, Edwin Eisendrath, announced his resignation Wednesday, resigning just over a year after leading the tabloid newspaper's purchase by a group of investors.
Eisendrath, a former city councilor who has partnered with the Chicago Federation of Labor and other investors to purchase in July 2017 Sun, Sun Reader, Chicago Reader, as well as other assets, told his associates that he had resigned at a recent meeting of the board of directors.
Eisendrath's involvement in the property is not clear, but Sun-Times spokeswoman Kimberly Eberl said he would remain on the board of directors.
Nykia Wright, who is Sun-Times Media's chief operating officer since October 2017, has assumed the role of acting CEO effectively immediately, the company said.
Eisendrath's investor group has decided to acquire the Sun-Times after federal antitrust regulators rejected the offer of Tribune Publishing, owner of Chicago Tribune, then known as Trunk, to acquire his longtime rival.
In his statement on Wednesday, Eisendrath said he had "largely succeeded" in transforming the Sun-Times, which was losing millions of dollars a year at the time of the acquisition.
"Not only did we stop the merger (Tribune), we managed to relocate, rename, restructure," said Eisendrath.
Part of this restructuring was the sale of the weekly Reader in June to a property group headed by Dorothy Leavell, publisher of Chicago Crusader. The terms of the contract are not disclosed.
Eisendrath said the company had erased more than $ 8 million in annual structural losses and that its cash flow would be positive early next year.
"I am honored to take on this role and continue the momentum we created last year," said Acting CEO Wright.
Harvard-educated Eisendrath was a municipal councilor in Chicago's 43rd-largest riding, which includes neighborhoods in Lincoln Park, the Old City and the Gold Coast, from 1987 to 1993, when he resigned from his position. Regional Director, US Department of Housing and Urban Development.
In 2006, Eisendrath unsuccessfully challenged the government of the day. Rod Blagojevich in the Democratic primary. Eisendrath had made an unsuccessful first attempt at congressional democracy against US representative Sidney Yates in 1990.
Twitter @RobertChannick
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