John Hogan Gets A Million Reasons To Stay With Clear Channel
November 19, 2010 at 4:00 AM (PT)
CLEAR CHANNEL RADIO Pres./CEO JOHN HOGAN will remain with the company through JANUARY 2014. That news came via an 8-K filing with THE SECURITIES AND EXCHANGE COMMISSION YESTERDAY (11/18).
In an "Amended and Restated Employment Agreement," HOGAN remains "President and Chief Executive Officer, CLEAR CHANNEL RADIO." As we learned MONDAY (NET NEWS 11/15), HOGAN "will report to either the Operating Committee of the Board of Directors of CC MEDIA HOLDINGS, INC. through ROBERT PITTMAN, Chairman, Media and Entertainment Platforms or the Chief Executive Officer of CLEAR CHANNEL COMMUNICATIONS, INC. or CC MEDIA HOLDINGS, INC. (the 'CEO')."
HOGAN will "be paid an annual salary of One Million Dollars ($1,000,000) ('Base Salary') and is eligible for annual salary increases commensurate with Company policy," as well as be eligable for performance bonuses.
The deal supercedes one signed in JUNE 2008.