Randall Mays Steps Away From Clear Channel CFO Duties
October 27, 2009 at 4:31 PM (PT)
In a memo to CLEAR CHANNEL staff, Pres./CEO MARK MAYS has announced that CFO RANDALL MAYS "has decided to scale back his time commitment to CLEAR CHANNEL. He will become Vice Chairman of the company and hand over day-to-day financial duties to a new CFO." MARK MAYS will assume CFO duties in the Interim.
The entire memo reads as follows:
I'm writing to share with you that RANDALL has decided to scale back his time commitment to CLEAR CHANNEL. He will become Vice Chairman of the company and hand over day to day financial duties to a new CFO once he/she is in place. At that time, I will once again be Pres./CEO. It's important to know that RANDALL will go on serving our company at the highest level. He will remain a director of the Company, his office will remain next to mine, and he will continue to be invaluable in helping us steer the strategic direction of CLEAR CHANNEL. RANDALL's contract term remains unchanged through 2013.
During RANDALL's tenure, he has been widely recognized as one of the nation's top CFOs. While he will be a tough act to follow, we have an active search for a new CFO underway and we have been impressed with the caliber and number of candidates that have been identified.
Please join me in thanking RANDALL for his outstanding contributions to the Company and congratulating him on his forthcoming role.
For more, here's a report from the NEW YORK TIMES.