There’s big news today in the Los Angeles Times newsroom.

Tronc, which owns the paper, axed Davan Maharaj as editor and publisher, tapping former Fox and Yahoo exec Ross Levinsohn for the top business job.

The paper said Managing Editor Marc Duvoisin, Deputy Managing Editor for Digital Megan Garvey and Assistant Managing Editor of Investigations Matt Doig were “also terminated” today.

Former Chicago Sun-Times Publisher and Editor-in-Chief Jim Kirk, now Tronc’s SVP  Strategic Initiatives, steps in as Interim Executive Editor until the company names a new Editor-in-Chief.

Tronc CEO Justin Dearborn said in an announcement that he wants to “accelerate our growth across the entire company,” not shrink the publication.

He calls Levinsohn “a visionary and innovative executive” with “long-standing ties to Southern California and passion for news” as well as “deep experience in technology and media.”

Dearborn told the paper that the Times “has a global reach and we just weren’t getting there fast enough” under Maharaj.

Levinsohn briefly served as Yahoo’s Interim CEO before it gave the top job to Marissa Mayer. He moved to the Internet company from Fox Interactive Media where he was president. He also was CEO of Guggenheim Digital Media, overseeing The Hollywood Reporter, Billboard, Adweek and the Clio Awards.

“The Los Angeles Times is a beacon of journalism and one of the most important voices in media, and I am honored and humbled to lead this world-class media enterprise,” Levinsohn said. “I look forward to working with the talented teams to expand our footprint, advance Tronc’s digital transformation and further cement our role as a trusted source of news and information. We have global ambitions for this brand, and I believe the Los Angeles Times has the potential to further expand and deepen its societal and cultural impact regionally, nationally and around the world.”

Tronc shares have lost about 15.4% of their value during the past 12 months, mostly after it rejected an acquisition offer by Gannett.