Rod Sherwood Named Pres. At Westwood One
October 20, 2008 at 5:18 AM (PT)
In breaking news over the weekend (NET NEWS 10/18), ALL ACCESS reported that WESTWOOD ONE President/CEO THOMAS BEUSSE had left the company after less than a year in place (NET NEWS 10/18). BEUSSE succeeded PETER KOSANN, coming from TIME4 MEDIA, when he joined WESTWOOD ONE, this past JANUARY 8th.
TODAY, the official announcement comes regarding the reorganization of WESTWOOD ONE's executive management team. The changes were initiated by the Board to create direct leadership for each of the two core business units -- the Radio Network Division and the METRO NETWORKS Traffic Division.
ROD SHERWOOD is named as Pres./WESTWOOD ONE. SHERWOOD joined the company in SEPTEMBER 2008 as its Chief Financial Officer, and will also continue in that position. The Company also appointed GARY SCHONFELD Pres./Network Division and named STEVE KALIN Pres./Metro Networks Traffic Division.
WESTWOOD ONE Vice Chairman/Sr. Managing Dir. & Pres./Operations of THE GORES GROUP MARK STONE stated, "These management changes were made to create clear lines of authority and responsibility to drive performance in each of the Network Division and Metro Traffic. These two businesses are the largest players in the industry and require direct oversight -- The Network Division is the largest independent provider of radio programming and METRO TRAFFIC is the largest provider of traffic information in the U.S." STONE continued, "We are enthusiastic about the same investment thesis that supported our initial $100 million investment in the Company and are pleased to have supported the company financially, strategically and operationally."
WESTWOOD ONE Chairman NORM PATTIZ added, "The Board is extremely pleased with this dedicated team of radio industry veterans and experienced executives and our new organizational structure. We are excited that we will be able to leverage ROD SHERWOOD and STEVE KALIN's talents in their new roles and that GARY SCHONFELD has joined the team. GARY has extensive experience in and historical knowledge of the network radio business. This team will enhance WESTWOOD's industry-leading position and continue to make real changes at the Company."