Peter Kosann To Exit As Pres./CEO Of Westwood One
July 12, 2007 at 5:45 AM (PT)
WESTWOOD ONE released a statement today that it is continuing to work toward a deal through 2017 of its various agreements with CBS RADIO. WESTWOOD is "optimistic" that it will finalize these new arrangements with CBS RADIO in AUGUST 2007 and submit such documentation to Company stockholders for their approval in the fourth quarter of 2007, following the company's filing of a definitive proxy statement with the SEC. WESTWOOD had previously delayed the vote (NET NEWS 7/2).
Kosann To Exit Westwood After Deal With CBS Is Finalized
In connection with the anticipated modification of the company's agreements with CBS RADIO, including the cessation of the company's management agreement with CBS RADIO, the company announced that WESTWOOD ONE President/CEO PETER KOSANN will leave the company shortly after the completion of the company's transaction with CBS RADIO, but in any event no earlier than DECEMBER 31, 2007 and no later than MARCH 18, 2008. The company will commence a search for a CEO shortly.
Gary Yusko Named CFO
WESTWOOD ONE also announced that it has hired GARY YUSKO as CFO, effective JULY 16, 2007. YUSKO held various positions with the company from 1985 through 2006 and last actively served as the company's EVP/Financial Operations. He replaces ANDREW ZAREF, who is leaving to pursue other opportunities.
In announcing YUSKO's appointment, KOSANN, said, "We are pleased to have GARY YUSKO rejoin WESTWOOD ONE. As the company continues to reposition itself in anticipation of its evolving relationship with CBS RADIO, GARY's historical knowledge of our company and the industry as a former and now current member of senior management will be indispensable. We thank ANDREW for his contributions to the company over the past several years."
The Company also announced that, effective immediately, DAVID HILLMAN assumes the newly created role of Chief Administrative Officer. In addition to continuing to serve as EVP, Business Affairs and General Counsel, HILLMAN will have overall responsibility for the Company's corporate development and strategic direction and will assist the CEO in overseeing the day-to-day operations of the Company.