Mark Mays Resigning As Clear Channel CEO, To Remain Chairman
June 22, 2010 at 6:06 PM (PT)
MARK MAYS is resigning as CEO of CLEAR CHANNEL parent CC MEDIA HOLDINGS INC., but is remaining as Chairman of the company.
In a memo to staff, MAYS wrote, "I wanted to share with you a personal decision I have made about our future. Having devoted the vast majority of my time and attention to CLEAR CHANNEL for the last 21 years, I have decided to relinquish my CEO responsibilities at the end of 2010, but will remain Chairman of the Board at the Company I love.
"I have thought carefully about the steps we need to take as a company to realize our full potential over the long-term. We have significantly strengthened our management team, and we are fortunate to have robust leadership in place in our businesses. After many hard decisions over the last year, we are well-positioned to continue leading and succeeding in the marketplace. Given the positive trends we are seeing, I am very optimistic about the future of CLEAR CHANNEL. That's why I feel this is an opportune time for a new CEO to work with the management team in leading our terrific company forward. While you can imagine this was not an easy decision for me, it was made collaboratively and amicably with the full support of our financial sponsors.
"I have asked the Board of Directors to initiate a search for my successor. When a new CEO is named, I will focus my attention on continuing to serve as Chairman of the Board, and will remain actively involved with the company.
"In the interim, I am dedicated to ensuring solid financial performance, and to achieving a seamless transition. I will remain a significant shareholder, with aligned interests and a deep commitment to the success of CLEAR CHANNEL.
"I am grateful to all of you for your dedication, focus and commitment in the many successes we have achieved, and in meeting the many challenges we have faced. I ask for your support in assuring our continued success by effectively serving our customers with the CLEAR CHANNEL service that we have become famous for."