Posts Tagged ‘Mark Mays’

Clear Channel CEO Mays Stepping Down

June 25, 2010

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

Clear Channel Radio CEO Stays The Course

July 1, 2008

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.