In a surprise move, Tribune Co’s Sam Zell has given up the CEO title and handed it to his COO Randy Michaels. Of course, given the fact that the newspaper and broadcast company is going through bankruptcy proceedings and crushed under a $13 billion debt load, that’s a little like being given charge of the Titanic. Zell will remain chairman. With the promotion, Michael also joins the board. Before becoming COO of the Chicago-based company in May 2008, Michaels was head of Tribune’s interactive and broadcast divisions.