No Bonuses For Cumulus Brass For 2014
April 22, 2015 at 4:16 AM (PT)
CUMULUS MEDIA issued its annual stockholders' meeting notice this week, and the SEC filing for the MAY 14th meeting shows that for 2014 the board's Compensation Committee did not approve any incentive bonuses, discretionary cash or equity-based bonuses, or other awards for the company's executive officers "in light of the fact that the pre-established opportunity levels were not achieved."
Chairman/Pres./CEO LEW DICKEY ($1,450,000), SVP/Treasurer/CFO JOSEPH P. HANNAN ($550,000), EVP/Content and Programming JOHN DICKEY ($875,000), retired EVP/Co-COO JON PINCH ($775,000), and SVP/Secretary/General Counsel RICHARD DENNING ($500,000) were paid their base salaries but not bonuses for the year.
In 2013, LEW DICKEY made $362,500 in bonus money and $18.1 million in option awards, with JOHN DICKEY receiving $164,063 in bonus money and $4.35 million in option awards, PINCH getting $145,313 in bonus money and $2.7 million in option awards, HANNAN taking in $68,750 in bonus money and $1.42 million in option awards, and DENNING receiving $50,000 in bonus cash and $1.36 million in option awards.