CEO Bob Pittman To Add Chairman Of The Board Title At Clear Channel
March 27, 2013 at 4:22 AM (PT)
In a Schedule 14A filing with the SECURITIES AND EXCHANGE COMMISSION, CLEAR CHANNEL has confirmed that current CEO BOB PITTMAN will replace MARK P. MAYS as Chairman Of The Board. The move is effective MAY 17th.
CLEAR CHANNEL wrote, "From JULY 30, 2008 until MARCH 31st, 2011, MARK P. MAYS served as both our President and Chief Executive Officer and our Chairman of the Board. Mr. MAYS retired as our President and Chief Executive Officer on MARCH 31st, 2011, but has continued to serve as an officer and our Chairman of the Board. On MARCH 31st, 2011, our Board established a new 'Office of the Chief Executive Officer' to serve the functions of the Chief Executive Officer and President until a permanent replacement for Mr. MAYS was hired and appointed THOMAS W. CASEY (our Executive Vice President and Chief Financial Officer) and ROBERT H. WALLS, JR. (our Executive Vice President, General Counsel and Secretary) to serve in the newly-created office in addition to their existing offices, which they retained. Messrs. CASEY and WALLS are not members of our Board. ROBERT W. PITTMAN was appointed as our Chief Executive Officer and a member of our Board on OCTOBER 2nd, 2011, at which time the Office of the Chief Executive Officer ceased to exist at CC MEDIA.
Other than the period of time since Mr. MAYS’ retirement as our Chief Executive Officer, we historically have combined the roles of Chairman of the Board and Chief Executive Officer. The Board does not have a policy regarding the separation of the roles of Chief Executive Officer and Chairman of the Board as the Board believes it is in the best interests of CC MEDIA to make that determination based on the position and direction of CC MEDIA, the membership of the Board and the individuals who occupy those roles. As our Chairman of the Board and our previous Chief Executive Officer, Mr. MAYS has worked collaboratively with Mr. PITTMAN and, prior to his appointment, the Office of the Chief Executive Officer during its tenure during 2011. Our Nominating and Corporate Governance Committee and our Board have continued to evaluate the appropriate leadership structure for our company, including our past leadership structures and Mr. Pittman’s service as our Chief Executive Officer. After considering these factors, our Nominating and Corporate Governance Committee recommended and our Board approved the appointment of Mr. PITTMAN to serve as our Chairman of the Board beginning on MAY 17th, 2013, subject to his re-election as a director."