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Tribune Co. CEO Randy Michaels resigned Friday amid tales of raunchy behavior as one of America's biggest media companies looked to shift attention back to its efforts to emerge from bankruptcy protection. Hours later, the company filed its latest reorganization plan in court.

Randy Michaels, the controversial chief executive of the Tribune Company, is expected to be asked to resign.

The former chief executive of Park Avenue Bank pleaded guilty to charges that he attempted to defraud the Troubled Asset Relief Program.

A new Microsoft SEC filing published late Thursday revealed that the company punished its CEO Steve Ballmer for his inability to turn around the company's struggling mobile efforts so far. The proxy statement notes that his total compensation of $1.35 million, including a $670,000 base salary and a matching bonus, was lower than in 2008 due to the "unsuccessful launch of the Kin" and "a loss of market share" for Windows Mobile. The Compensation Committee singled out the absence of a real Windows tablet rival through a need to "take advantage of new form factors."

H-P's new CEO Leo Apotheker will get nearly $15 million in bonuses and initial stock awards for taking over the technology giant. His annual salary will be $1.2 million.

Hewlett-Packard Co.'s board upset many investors when it forced out Mark Hurd as CEO nearly two months ago. Now, those directors appear to have baffled Wall Street with its selection of HP's new leader - Leo Apotheker, who lost his job running German business software maker SAP earlier this year after he didn't live up to expectations.

Comcast Chief Operating Officer Steve Burke will succeed Jeff Zucker as the new CEO of NBC Universal later this year, when Comcast takes control of the broadcaster.

LG CEO Nam Yong is stepping down October 1 due to slumping mobile phone sales.

The research conducted by University of New Hampshire also showed that when it comes to getting canned for poor performance, CEOs with degrees from the nation's most prestigious schools are no safer than the average CEO.

Buried in a story on Best Buy's retail strategy, CEO Brian Dunn mentioned a startling fact: Internal estimates showed that the iPad had cannibalized sales from laptop PCs by as much as 50%.