Who is the ESOP Trustee? How will the ESOP be represented on the board of directors?
GreatBanc Trust Company will serve as the ESOP Trustee. The ESOP Trustee’s role is as a “fiduciary” or financial representative acting on behalf of the company’s employees, as beneficiaries of the ESOP. The ESOP Trustee is legally required to act in the best interest of the company’s employees with respect to their ESOP balances. GreatBanc was selected by the Tribune board of directors based upon its experience as one of the largest providers of ESOP trust services in the country. GreatBanc acts as the ESOP Trustee for major U.S. corporations, including ABN/AMRO/LaSalle, Citigroup, Hartmarx, Rite Aid, Sherwin-Williams, Provident Bank and Wells Fargo & Company. For more information about GreatBanc, please visit their website at www.greatbanctrust.com. Following the closing of the merger, Sam Zell will assume the role of chairman of Tribune’s board of directors and one additional representative designated by Mr. Zell will join the board. Dennis FitzSimons will remain a director and five
