Mark Mays, Clear Channel Communications CEO, issued a statement to the company’s employees late on the night of June 29 to the effect that that Clear Channel Radio CEO John Hogan will continue on as Clear Channel’s top dog for another five-year term.
From the Mays Memo:
“As we move toward the closing of our merger, I want to share with you an important additional piece of news. It’s my pleasure to let you know that John Hogan has signed a five-year contract with the company.”
[…] “Clear Channel Radio has the top-performing management team in the industry — evidenced by our consistent outperformance of our peers in the radio industry through both good and difficult times.”
“Now, as we move to put our unparalleled national platform into service for even more national advertisers, this management team will be on point to compete successfully against newspapers, cable, television, and all of our other competitors. This is the same team, of course, that has turned potential competitors like the Internet and iPods into strong and successful collaborators. Our aggressive rollout of iTunes Tagging gives Clear Channel Radio a unique competitive advantage and, of course, our company’s embrace — and ultimate leadership position –- in online music and radio has been well-documented.”
“Please join me in congratulating John. We are excited about his continued leadership.”
This is especially significant in light of the current pending buyout of Clear Channel by private equity firms Bain Capital and Thomas H. Lee Partners. Truly this is a vote of confidence in his ability on the part of the new regime.