LORD Black of Crossharbour is to step down as chief executive of Hollinger International.

The news came as it was revealed the board of the group was considering selling the company.

Hollinger, which owns The Telegraph Group in Britain, the Chicago Sun-Times, the Jerusalem Post and other assets, said Lord Black, otherwise known as Conrad Black, will retire as chief executive on Friday, although he would remain as Hollinger's non-executive chairman and as chairman of The Telegraph Group.

Hollinger also said it had accepted the resignations of group president and chief operating officer F David Radler and vice-president and corporate counsel Mark Kipnis.

Hollinger said it had appointed investment bank Lazard to "review and evaluate its strategic alternatives".

The group said the review would look at alternatives including a possible sale of the company, a sale of one or more of its major properties or other possible transactions.

The newspaper publisher has faced criticism recently from minority shareholder Tweedy, Browne Co of New York, which has raised questions about £43.6m paid to Lord Black and his associates in "non-competition" payments linked to the sale of community newspapers.

Lord Black has denied allegations of wrongdoing by executives, including himself.

On Friday, Hollinger informed the US Securities and Exchange Commission that it could not file its quarterly report on time because it is investigating questions raised by shareholders.

A committee was formed by Hollinger's board in June to investigate the allegations.

In a statement, Lord Black said he would devote his time primarily to pursuing the strategic review of the group and that its present structure "clearly must be renovated".

He added: "We will continue to co-operate entirely with the special committee to resolve corporate governance concerns."