• by Erik Sass , Staff Writer @eriksass1, September 8, 2015

Tribune Publishing has handed a pink slip to Austin Beutner, who has been fired as publisher and CEO of the Los Angeles Times and San Diego Union-Tribune, according to the Chicago Tribune. Beutner, who started out as investment banker, lasted a little over a year in his latest position.

Tribune has yet to choose a successor.

There’s no official explanation from Tribune Publishing, but unnamed sources cited by the Chicago Tribune said the company was dissatisfied with the Southern California unit’s financial performance, as well as a number of pricey executive hires made by Beutner.

Getting even deeper into the rumor mill, some saw these hires as part of a strategy to build political support for a return to government by Beutner, who served as deputy mayor of Los Angeles from 2011-2013 and ran unsuccessfully for mayor in 2013.

In August 2014, Beutner was hired to lead the LAT after previous CEO and publisher Eddy Hartenstein moved to a new position as non-executive chairman of the board for Tribune Publishing, following its spinoff from Tribune Media, the former company’s broadcast arm. Beutner assumed responsibility for the San Diego Union-Tribune after Tribune acquired it for $85 million in May of this year.

Los Angeles Times has long been a drag on Tribune’s finances, fueling speculation that the company would sell it on a number of occasions.

The acquisition of the San Diego Union-Tribune, producing cost savings in areas including production and distribution, was intended to help set the newspaper on a firmer financial footing, but the LAT’s performance did not live up to expectations.

Beutner also hired several executives who previously worked in the political realm, including Internet strategist Nicco Mele, who joined as deputy publisher, and former Obama staffer Johanna Maska, who became vicepresident of marketing and communications.

Some observers wondered whether Beutner was preparing a run for governor of California.