Tribune Publishing, the owner of The Chicago Tribune, announced a management shake-up on Monday, naming Terry Jimenez, its chief financial officer, as the chief executive. He succeeds Timothy P. Knight, who will step down after only a year leading the company.

The changes come two months after Alden Global Capital, a New York hedge fund once called “a destroyer of newspapers,” acquired the single largest stake in the company and installed two of eight directors on the board. Tribune Publishing has already been cutting staff, eliminating 118 posts through September. Last month, the company asked journalists at its nine news organizations across the country to volunteer for buyouts.

Tribune Publishing, which also owns The New York Daily News, The Baltimore Sun and The Orlando Sentinel, has been hit hard by elemental changes to the news business as readers embrace screens for their news, and Facebook and Google siphon away the majority of digital ad dollars.

In a memo to staff on Monday, Mr. Knight said the company would have to continue to “realign” its “costs to the current revenue reality,” adding: “These efforts will allow the company to focus resources on our employees and the journalism you produce.”