Westwood One's Coppola Resigns
December 8, 2005 at 6:26 AM (PT)
WESTWOOD ONE Pres. CEO SHANE COPPOLA announced his resignation from the company, effective TODAY (12/8). COPPOLA, who is also stepping down from the company's Board of Directors, will consult the company through JUNE 2007. INFINITY Chairman/CEO JOEL HOLLANDER will serve as acting WESTWOOD ONE PRes./CEO while the company searches for a permanent successor to COPPOLA.
COPPOLA's official statement on his resignation said "although I am saddened to leave my colleagues at WESTWOOD ONE, I feel the time is right for me to pursue other professional opportunities. I look forward to assisting JOEL and the Board, with whom I continue to have an excellent working relationship, in helping WESTWOOD ONE expand and build on its solid reputation as a preeminent content provider."
The company also updated its fourth quarter guidance downward, projecting revenues to decline by a low-single-digit percentage and operating income to drop by a mid- to high-single-digit percentage.