Davidson Kempner-led investors urge Sun-Times Media to replace CEO, board

By Lisa Kerner

Charlotte, N.C., Oct. 31 - A group of Sun-Times Media Group, Inc. investors led by Davidson Kempner Partners recommend a change of leadership at the company, both at the chief executive officer and board of directors level.

In an Oct. 31 letter to Sun-Times, the investors said they believe the company's entire board should be resized to five directors and reconstituted with the exception of Robert Poile, a large Sun-Times shareholder.

Davidson Kempner is nominating for election to the Sun-Times board:

• Jeremy L. Halbreich, former president and general manager of the Dallas Morning News;

• Robert A. Schmitz, a partner at Quest Turnaround Advisors;

• Lee Hillman, former chief financial officer of Bally Entertainment Corp. and later the chairman and CEO of Bally Total Fitness Holding Corp.;

• Michael E. Katzenstein, founder and principal of CXO, LLC, a restructuring and turnaround management firm.

The investors will seek change in the board at the board's next meeting on Nov. 17, according to a schedule 13D filed with the Securities and Exchange Commission.

Davidson Kempner beneficially owns 5.9% of the Chicago-based newspaper company.

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