Jeremy Male has been named CEO of CBS Outdoor Americas, the company announced Monday. His appointment, effective later this month, comes as CBS Outdoor prepares for a major strategic repositioning and spinoff from parent company CBS Corp.
Male previously served as CEO of JCDecaux SA for the United Kingdom, Northern Europe and Australia. Before that, he was director of European operations for TDI Advertising, another outdoor advertising company. He also held management positions in various European consumer-packaged companies.
Male is taking over the spot previously held by Wally Kelly, who served as chairman and CEO of CBS Outdoor Americas since 2003, and who has been named president and COO of CBS Outdoor.
Big moves are afoot at the country’s
second-largest outdoor advertiser.
In July, CBS Outdoor sold off its international division (including all its overseas properties except the Americas) to Platinum Equity for $225 million. Platinum beat out competing offers from Providence Equity Partners and GMT Communications Partners. Clear Channel Outdoor and JCDecaux previously dropped bids for the international division in April, due in part to regulatory concerns in Europe.
CBS Outdoor is also converting its Americas business to a real estate investment trust, in a move intended to reduce its federal tax burden. Federal law allows REITs to deduct dividends paid to investors from their total taxable income. If CBS gains approval from the Internal Revenue Service, the conversion to an REIT could be completed by the beginning of the 2014 tax year.