New Clear Channel Pres./CFO To Make $1.2 Million Base Salary
August 5, 2013 at 4:22 AM (PT)
Last week (NET NEWS 7/30), ALL ACCESS reported that CC MEDIA HOLDINGS had tapped media and finance executive RICHARD J. BRESSLER as Pres./CFO of CC MEDIA HOLDINGS, INC. and CLEAR CHANNEL COMMUNICATIONS, INC., and CFO of CLEAR CHANNEL OUTDOOR HOLDINGS, INC., reporting to Chairman/CEO ROBERT PITTMAN.
Now, in a Form 8-K/A filing with the SEC, the company has disclosed BRESSLER'S compensation.
Wrote CLEAR CHANNEL, "On JULY 29th, 2013, CCMH entered into an employment agreement with Mr. BRESSLER. The Employment Agreement has an initial term that ends on DECEMBER 31st, 2018 and thereafter provides for automatic 12-month extensions, beginning on JANUARY 1st, 2019, unless either CCMH or Mr. BRESSLER gives prior notice electing not to extend the Employment Agreement."
As for money, the filing notes, "BRESSLER will receive a base salary at a rate no less than $1,200,000 per year, which shall be increased at the discretion of CCMH's board of directors or its compensation committee. Mr. BRESSLER will also have the opportunity to earn an annual performance bonus for the achievement of reasonable performance goals established annually by the CCMH Board or its compensation committee after consultation with Mr. BRESSLER. The aggregate target performance bonus that may be earned when all of Mr. BRESSLER’s performance objectives are achieved will be not less than 150% of Mr. BRESSLER’s base salary amount; provided, however, that Mr. BRESSLER’s actual bonus for 2013 will be no less than the target performance bonus multiplied by the percentage of the 2013 calendar year from JULY 29th, 2013 to DECEMBER 31st, 2013. In addition to the annual bonus, Mr. BRESSLER is also eligible for an additional annual bonus opportunity of up to $500,000, based on CCMH’s achievement of one or more annual performance goals determined by CCMH’s chief executive officer and approved by the CCMH Board (or a committee thereof), which amount is guaranteed for 2013."