It’s been two years since Bain Capital and THL Partners shelled out $24 billion in their takeover of Clear Channel Communications. In the intervening time since, there has been a significant amount of restructuring done to the conglomerate, much of it to cope with the debt incurred by the deal.
Now, according to this Securities and Exchange Commission (SEC) filing, more change is in the wind. Mark Mays, Clear Channel CEO since 2004, will be leaving that position as soon as the proper candidate to replace him can be located. He will continue to be deeply involved with Clear Channel as their Chairman of the Board, a post he has held since last year.
Joseph Plambeck, a blogger for The New York Times, reports:
“As I’ve discussed with our board, this is an opportune time for a new C.E.O. to work with the management team in leading our terrific company forward, and I look forward to executing a seamless transition,” Mr. Mays said in a statement.
The company said that it expected to find a replacement later this year.
Radio World notes that Bain and THL sought this management shift in order to bolster Clear Channel’s digital strategy. They also go on to note that this is a historic shift for Clear Channel on at least one level:
The change means that a Mays will no longer sit at the helm of the broadcast giant, which was founded by Mark and Randall’s father, Lowry Mays in 1972 with B.J. “Red” McCombs.
It ill be interesting to see which candidates are considered to fill the position. Considering the stated reasons for the change, I would be willing to bet that digital experience and web savvy are going to be major factors in the choice.
Image: Clear Channel Communications Logo / Fair Use: Reporting