CHICAGO (CBS)–Edwin Eisendrath, the CEO of the Chicago Sun-Times, announced his resignation Wednesday.  An investment group led Eisendrath purchased the paper in the summer of 2017.

In a written statement, Eisendrath highlighted the news organization’s positive growth and recent accomplishments including erasing “more than $8 million dollars in annual structural losses while spending more on journalists.” By early next year, he stated, the company will be cash flow positive for the “first time in recent memory.”

Eisendrath acknowledged his role in stopping the Tribune and Sun-Times merger, while maintaining an independent voice for the organization.

He ended his letter by bringing attention to the journalists.

“What a privilege for me to have been part of your effort to tell stories honestly and bravely,” Eisendrath wrote.

Nykia Wright, who has served as the chief operating officer of the Sun-Times Media Group since 2017, will assume the role of interim chief CEO.

Media critic Robert Feder reports that the paper’s board of directors has been losing confidence in Eisendrath and the paper is still losing money.