CCM+E Chairman/CEO John Hogan Is Moving To New York
June 17, 2013 at 3:57 AM (PT)
CCM+E Chairman/CEO JOHN HOGAN is moving from the company's SAN ANTONIO headquarters, and joining CLEAR CHANNEL CEO BOB PITTMAN in NEW YORK CITY. He's also receiving a $125,000 bump in salary, as well as a bonus increase, housing allowance and moving expenses.
In a Form 8-K filing with THE SECURITIES AND EXCHANGE COMMISSION, CLEAR CHANNEL reported, "the Compensation Committee of the board of directors of the Company approved certain compensation changes and relocation benefits for JOHN E. HOGAN, who serves as the Chairman/CEO -- CLEAR CHANNEL MEDIA & ENTERTAINMENT of the Company and CLEAR CHANNEL COMMUNICATIONS, INC., in connection with Mr. HOGAN’s relocation from the Company’s offices in SAN ANTONIO to the Company’s offices in NEW YORK CITY."
Of course, the cost of living in THE BIG APPLE is higher than in TEXAS, so "the Compensation Committee approved an increase in Mr. HOGAN’s annual base salary from $1,000,000 to $1,125,000, effective JUNE 3rd, 2013; an increase in Mr. HOGAN’s target performance bonus for 2013 from $1,200,000 to $1,375,000, which increase in target performance bonus shall be prorated for the portion of 2013 beginning on JUNE 3rd, 2013; a housing allowance of $25,000 per month (fully grossed-up for certain applicable taxes) for a period of 18 months; and a payment of $100,000 (less applicable taxes) for relocation-related expenses."