Clear Channel's Mark Mays Resignation Effective March 31st
Giving Up Pres. & CEO, Staying On As Chairman
February 7, 2011 at 2:45 PM (PT)
In a note to everyone at CLEAR CHANNEL, President & CEO MARK MAYS has announced his official departure as President & CEO, effective MARCH 31st. He had originally announced plans to retire from the post last year (NET NEWS 6/22/10). In today's note, MAYS wrote:
"There's a time for everything. And with a New Year well underway, on the road to a new financing that secures CLEAR CHANNEL's near-term outlook, and a leadership team that has positioned the company for growth, I've determined that now is THE right time for me to follow through on the commitment I made to my family and myself and step back from daily management of the company. I've informed the Board that by MARCH 31st I will retire as Pres./CEO of CLEAR CHANNEL -- news which was announced TODAY along with our Fourth Quarter earnings.
I intend to stay involved with this company that I love, continuing in my role as Chairman.
"It's not time for me to say 'Goodbye' to all of you ... or to CLEAR CHANNEL. I intend to stay involved with this company that I love, continuing in my role as Chairman.
"But with leadership like CCO America's RON COOPER; WILLIAM ECCLESHARE at CCO International; JOHN HOGAN at CLEAR CHANNEL RADIO -- now joined by BOB PITTMAN, CLEAR CHANNEL's Chairman of Media and Entertainment Platforms; CFO TOM CASEY; GC ROB WALLS and Head of HR BILL FEEHAN -- our company's daily operations are in the great hands of a team that has shown how much it can accomplish together and what great potential our operations have for growth. Their leadership, their spirit of innovation, their belief in all that can be accomplished with your help, are what have made it possible for me to consider finalizing these plans of mine.
"Meanwhile, the Board will continue the active search for my replacement that began back in JUNE when I first told you of my intention to retire.
"This will be the beginning of a new stage in life for me, one that I'm looking forward to. But I will also look forward to maintaining my ties to CLEAR CHANNEL and to you all -- and take continuing pride in all your great work."