Michael W. Ferro Jr., a Chicago entrepreneur and the biggest shareholder in the newspaper publisher Tronc, has stepped down as the company’s chairman, Tronc announced on Monday. The move came just weeks after Mr. Ferro helped negotiate the sale of Tronc’s crown jewel, The Los Angeles Times.
Justin Dearborn, the company’s chief executive, will replace Mr. Ferro as chairman.
Mr. Ferro will remain an investor in Tronc. But his decision to step down as chairman followed a period of intense public scrutiny.