EX-99.1
Published on June 24, 2010
Exhibit 99.1
Contacts: |
||
Lisa Dollinger, Chief Communications Officer
|
Michele Clarke | |
Clear Channel Communications
|
Brainerd Communicators | |
(210) 832-3348
|
(212) 986-6667 | |
lisadollinger@clearchannel.com
|
clarke@braincomm.com |
Mark P. Mays to Step Down as CEO of
Clear Channel Communications
Clear Channel Communications
Mays Will Continue As Chairman; Search for New CEO Underway
SAN ANTONIO, TX June 23, 2010 Clear Channel Communications, Inc. today announced that
Mark P. Mays has decided to step down from his role as President and Chief Executive Officer and
has asked the Board of Directors to initiate a search for his replacement. Mays will continue to
serve as Chairman of the Board of Directors and will remain actively involved with the company in
that capacity.
After 21 wonderful years of building the industry leader that is Clear Channel, I have made a
personal decision to step away from the chief executive role. Clear Channel is well-positioned to
continue leading in the marketplace, and given the positive trends I am seeing, I am very
optimistic about the future of the company, said Mays. As Ive discussed with our Board, this is
an opportune time for a new CEO to work with the management team in leading our terrific company
forward, and I look forward to executing a seamless transition.
Mark Mays has made enormous contributions to Clear Channel as President and CEO over the past six
years, as he has throughout his career with the company. We deeply appreciate his service to the
company, his leadership, and the remarkable foundation he has built, said Scott M. Sperling, of
THL Partners, and John Connaughton, of Bain Capital, in a joint statement on behalf of the Board.
We are committed to identifying a world-class executive who will just as capably and successfully
lead this great business into the future.
Mays has served as Chairman of the Board of Clear Channel Communications since last year and as
President and CEO since October 2004. Prior to that, Mays served in various roles at the company,
including Vice President and Treasurer, Senior Vice President of Operations and later President and
COO.
Mays will continue to lead the company as President and CEO until a replacement is named, which is
expected to be later this year.
The Board has engaged Egon Zehnder International, a leading executive search firm, to lead the
search for a new CEO.
About Clear Channel Communications
Clear Channel Communications, Inc. (OTCBB:CCMO) is a global media and entertainment company
specializing in mobile and on-demand entertainment and information services for local communities
and
premiere opportunities for advertisers. Based in San Antonio, Texas, the companys businesses
include radio and outdoor displays. More information is available at www.clearchannel.com.
Certain statements in this release could constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause the actual results
performance or achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements. Other key
risks are described in the Clear Channel Communications reports filed with the U.S. Securities and
Exchange Commission. Except as otherwise stated in this news announcement, Clear Channel
Communications does not undertake any obligation to publicly update or revise any forward-looking
statements because of new information, future events or otherwise.
# # #