Clear Channel Revises Executive Relocation Policy
October 13, 2010 at 4:24 AM (PT)
CLEAR CHANNEL has revised its corporate management relocation policy, notifying the SEC of the changes in a Form 8-K filing TUESDAY (10/12). The changes, approved by the CC MEDIA HOLDINGS, INC. board Compensation Committee on OCTOBER 5th, involve a tiered policy providing different levels of benefits based on the employee’s organizational level.
The policy offers reimbursement for most expenses associated with relocating, including moving expenses, temporary housing expenses, closing costs for the sale of the old home and purchase of a new home, and other miscellaneous amounts, plus purchase of the old home by a third-party relocation company for the new CEO and those in a tier of "direct reports" to the CEO.
The plan, a possible precursor to the hiring of a new CEO to fill the slot to be left vacant by MARK MAYS stepping down, would guarantee that the new hires can opt to take appraised value for the old homes from the relocation company and can also receive loss-on-sale protection for any losses on the sale of the old home after the first 10% of such losses.