Quebecor Inc. chief executive officer Pierre Karl Péladeau has taken personal control of Sun Media Corp. and the Canoe online operation after the newspaper sector reported "disappointing" third-quarter results. Mr. Péladeau replaces Sun Media president Michael Sifton, who took on the job in September, 2007, after Quebecor's takeover of his Osprey group of Ontario newspapers.
According to a Financial Post story, Sifton had this to say:
"I am happy to have been given the opportunity to integrate Osprey Media in Sun Media organization. I leave behind talented people and a strong team that will no doubt successfully take on the challenges that our changing environment is bringing," said Mr. Sifton in a statement.
Sun Media made money, but not enough under Mr. Sifton's tenure. There are many others besides myself who will find Mr. Sifton's fate ironic.