Conrad Black Quits as CEO of Hollinger Inc.
Former newspaper baron Conrad Black resigned as chairman and chief executive of Hollinger Inc. on Tuesday, in his effort to take the Canadian holding company private.
Black’s lawyer and spokesman had said Friday that Black would quit within days. A day before, Black proposed to buy out minority Hollinger shareholders, although a price has not yet been set.
The Toronto company owns 18.2% of U.S. newspaper publisher Hollinger International Inc. but has 68% voting control through multiple voting stock.
Black quit under pressure as Hollinger International’s CEO last year and was fired as chairman in January. Hollinger International has since accused Black and others of operating a “corporate kleptocracy” that drained hundreds of millions of dollars from the company. Black denies the charges and had remained in control of Hollinger Inc.
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