Assets Decline at McCormick Tribune Foundation
May 25, 2006 | Read Time: 1 minute
Declining prices in Tribune Company stock has been felt at the Robert R. McCormick Tribune Foundation, which has 97 percent of its assets in the company’s stock, reports Crain’s Chicago Business.
The head of the media company, Dennis FitzSimons, is also chairman of the foundation, and he makes investment decisions for the fund along with his Tribune colleagues, the article says. Some foundation observers say such arrangements can be a conflict of interest, since the best interests of the foundation need to be weighed apart from the best interests of the company.
Mr. FitzSimons defends his dual role, saying the foundation seeks outside legal and financial advice.
