CCM+E Chairman/CEO John Hogan Retires; Bob Pittman Inks Five-Year Extension
January 13, 2014 at 6:15 AM (PT)
CLEAR CHANNEL MEDIA AND ENTERTAINMENT has announced the retirement of Chairman and CEO JOHN HOGAN. The announcement comes as CC MEDIA HOLDINGS, INC. Chairman/CEO BOB PITTMAN has signed a five-year extension of his contract.
HOGAN joined CLEAR CHANNEL in 1999 when the company acquired JACOR, where he was SVP/Radio. He was named Pres./CEO of CLEAR CHANNEL RADIO in 2002 and Chairman/CEO of CLEAR CHANNEL MEDIA + ENTERTAINMENT in FEBRUARY 2012.
CLEAR CHANNEL MEDIA + ENTERTAINMENT will now report directly to PITTMAN and Pres./CFO RICH BRESSLER, and CLEAR CHANNEL OUTDOOR Chairman WILLIAM ECCLESHARE will report directly to PITTMAN. HOGAN will take the title of Chairman Emeritus.
On HOGAN's retirement, PITTMAN said, “JOHN HOGAN has made tremendous contributions to CLEAR CHANNEL during his tenure – particularly during the unprecedented economic headwinds our country, our industry and our company, faced in 2008 and 2009. He has been an excellent partner for me and for CLEAR CHANNEL’s leadership as we have evolved into the only multi-platform media company with national reach and the ability to execute locally.”
PITTMAN added, “As my friend and partner in CLEAR CHANNEL MEDIA + ENTERTAINMENT, JOHN has been an important element in CLEAR CHANNEL’s transformation into a multiplatform media company. There is never a perfect time to make big decisions like this, but his logic was compelling and making this change at the start of a new year made sense. We thank him for his long service and the enormous positive impact he's had on both our company and the radio industry, and we are delighted that JOHN will remain part of the family with his title of CLEAR CHANNEL MEDIA + ENTERTAINMENT Chairman emeritus.”
On his extension, PITTMAN said. “I initially took on this role because of the one-of-kind assets at CLEAR CHANNEL, with greater reach than any other media company in AMERICA, and its people, who have both the creativity and the drive to reinvent the company. The opportunity was irresistible – and it’s been validated by the success of the iHEARTRADIO digital service, which reached 20 million registered users faster than any service in the history of the Internet -- as well as the transformation of CLEAR CHANNEL OUTDOOR to a true media company that connects brands to consumers in increasingly innovative ways, from digital boards to interactive bus shelters to virtual stores connected by mobile devices. The progress we've made in the last two years has exceeded my expectations and I'm excited to commit to another five years with this amazing team of dedicated innovators.”
HOGAN commented on his retirement and his CLEAR CHANNEL career, saying, "After 33 years in radio, the last 10 years as CEO of CLEAR CHANNEL MEDIA + ENTERTAINMENT, I am ready for some time for me and my family. There is never a perfect time for a big decision like this, but given the success we've had with our new products and initiatives and the start of a new year, this seemed like the right time for me, and the company, for my retirement.
"The CCM+E team's creativity, passion, innovation, effort, and professionalism have made me proud to work at CLEAR CHANNEL every day of the last 10 years. In addition, my strong personal and professional relationship with BOB PITTMAN, and my respect for him and RICH BRESSLER, give me great comfort that under their leadership -- combined with the amazingly talented senior leaders of CCM+E -- the company will not miss a beat and will continue to build on the momentum of our transformational strategy.
"It has been a privilege to have been part of CLEAR CHANNEL and all it has accomplished over the last decade, and I am honored to keep a tie to the company as the Chairman emeritus of CCM+E."