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The Wall Street Journal: Tronc chairman Michael Ferro resigns amid sexual harassment allegations

Tronc Inc. announced Monday that its largest shareholder, Michael Ferro, is stepping down as nonexecutive chairman hours before the publication of an article alleging that he had made inappropriate sexual advances toward two female entrepreneurs.

In a news release issued early in the day, Tronc TRNC, +0.00% said the 51-year-old Ferro was retiring from the company’s board after orchestrating the sale of Tronc’s flagship newspaper, the Los Angeles Times, last month.

But after Fortune magazine published a story later in the day alleging inappropriate behavior by Ferro toward the women, Tronc sought to distance itself from him.

“Michael Ferro has had no claims filed against him while leading Tronc as chairman.

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