A memo just went out to NYDN employees announcing that CEO Marc Kramer is being replaced by William Holiber, who also runs U.S. News and World Report. The full memo is below.

It was upsetting enough for employees to hear the New York Daily News was ending its 401(k) contributions (memo below). The jokes about bigwigs' extensive stock holdings only made matters worse.

Today's Daily News warmly — even sycophantically — welcomes the latest top executive Mort Zuckerman has lured to the paper, Marc Kramer. He joins as as CEO to replace recently defected COO Les Goodstein, who, apparently lacking any sort of meaningful non-compete in his contract, skedaddled to the Post and News Corp just last week. Kramer was at the News previously, as a labor lawyer in the '90s, before he decamped to The New York Times, from which he now returns.