Smith, who grew up in the Chicago area, joined Tribune Co. in 1977 in its finance department and, over time, served in a variety of roles including chief financial officer and senior vice president of development.
His first turn as Chicago Tribune publisher was from 1997 to 2005, before which time he was publisher of Tribune Co.’s South Florida Sun-Sentinel. He re-assumed the reins of the Chicago Tribune when David Hiller was transferred to become publisher of the Los Angeles Times.
“There’s been a lot of chaos in the world and in the company in the time he’s been publisher, and he’s navigated it with tremendous skill and calm,” Chicago Tribune Editor Ann Marie Lipinski said.
A document filed in March with the Securities and Exchange Commission shows that Smith will exit Tribune Co. with severance and other benefits of $4.7 million and a payment of $2.1 million to settle up his ownership stake in the privatized Tribune Co.
The company will also provide a “gross-up” benefit estimated in the document at $2.6 million to cover any extra taxes Smith might incur as a result of the severance deal.
A.