Clear Channel CEO Steps Down, Ends Family Control

Mark Mays

Clear Channel Communications boss Mark Mays will give up his positions as president and CEO by the end of the year, according to the company, which owns the largest broadcast radio and out-of-home advertising groups in the country.

The move will basically end the Mays' family's direct executive control of the company. Mays will continue to serve as chairman of the company's board of directors, which is now conducting a search for a replacement.

The board has hired Egon Zehnder International, a leading executive search firm, to lead the search.

Mays stated: "After 21 wonderful years of building the industry leader that is Clear Channel, I have made a personal decision to step away from the chief executive role. Clear Channel is well-positioned to continue leading in the marketplace, and given the positive trends I am seeing, I am very optimistic about the future of the company."

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Mays' remarks seem to hint at the possibility of more changes at the company, which underwent a broad restructuring, including layoffs, during the economic downturn.

While Clear Channel made no statements to that effect, his departure from the top spot might also reflect a desire on the part of the company's owners -- private-equity firms Thomas H. Lee Partners and Bain Capital -- to exert more direct control over the company's operations, beginning with their choice for his replacement.

CC Media Holdings (the parent company created by the private-equity buyers in 2007) saw total revenues drop 17% from $6.75 billion in 2008 to $5.6 billion in 2009. This followed a 3% decrease from 2007-2008.

1 comment about "Clear Channel CEO Steps Down, Ends Family Control".
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  1. Jonathan Mirow from BroadbandVideo, Inc., June 24, 2010 at 12:22 p.m.

    Mayday! Mayday! Radio's in free fall decline - time to hit the silk!

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