Who are Stefan Selig and Sean Cramer?
Both are nominees to the CBS Radio Board of Directors, and each will sit on the board with President Andre Fernandez once the CBS Radio initial public offering transpires.
The nomination of the two individuals comes as CBS Radio will also be seeking four board members, as the soon-to-be-dependent division of CBS Corporation stated in its Nov. 18 Form S-1 filing with the SEC that following its IPO, its board of directors will consist of seven directors.
It is not yet known who will replace the four departing directors — CBS Corp. Chairman Les Moonves; Sr. EVP/Chief Administrative Officer and Chief Human Resources Officer Anthony Ambrosio; COO Joe Ianniello; and Sr. EVP/Chief Legal Officer Lawrence Tu. It was confirmed that the four individuals will not be serving on CBS Radio’s board.
While Matthew Siegel just joined CBS Radio as CFO after a lengthy tenure at Time Warner Cable and Scott Herman, a CBS veteran, will continue serve as COO as he has since July 2015, neither individual has been named as a nominee to the CBS Radio board.
Thus, Selig and Creamer will hold sway in managing CBS Radio’s business affairs post-IPO.
Until June, Selig spent two years as Under Secretary of Commerce for International Trade at the U.S. Department of Commerce, heading the International Trade Administration.
Selig also served as Executive Director of the Travel and Tourism Advisory Board, sat on the Board of Directors of the Overseas Private Investment Corporation, was a Commissioner for the Congressional Executive Commission on China, and was the Executive Director of the President’s Advisory Council on Doing Business in Africa.
Prior to that, Selig held various senior level leadership positions at Bank of America Merrill Lynch beginning in 1999, including being the Exec. Vice Chairman of Global Corporate & Investment Banking from 2009 to 2014.
Prior to joining Bank of America, he held various senior investment banking positions at UBS Securities and Wasserstein Perella & Co., and began his investment banking career at The First Boston Corp.
“With over 28 years of investment banking experience and his service as one of the nation’s most senior commercial diplomats, Selig will provide our board with a sophisticated strategic and financial advisor, with invaluable insight into global economic matters,” CBS Radio said.
Creamer’s name is likely to be familiar to radio industry professionals.
From 2005 to 2014, Creamer worked at Arbitron, serving in various financial leadership roles until rising to EVP/COO in 2011. In 2012, he was named President/CEO of what is now known as Nielsen Audio.
Since exiting Arbitron in 2014, he spent one year as EVP/CFO of The Madison Square Garden Co., and has been EVP/CFO of Merkle Inc., a privately held performance marketing agency specializing in data-based marketing solutions, since April 2016.
Both Creamer and Selig will draw a salary as a CBS Radio board member; the company expects all non-employee board members to receive compensation.
As stated, Creamer, Selig and future non-CBS executive serving on the board will earn the following:
- A $60,000 annual board retainer, payable in equal installments quarterly in advance
- A $10,000 annual Committee Chair retainer for the chair of the Audit Committee, payable in equal installments quarterly in advance
- A per-meeting attendance fee of $1,000 to committee members for each meeting of the Audit Committee.
The outside board members would also receive an annual grant of restricted stock units, or RSUs, with a $60,000 value based on the closing price of CBS Radio common stock at the end of its first NYSE trading session.
Board of directors’ expenses will be reimbursed for attending board, committee and stockholder meetings (including travel and lodging).
TRI-LEVEL BOARD IN THE WORKS
In accordance with the terms of its amended and restated certificate of incorporation, CBS Radio’s board of directors will be divided into three classes: Class I, Class II and Class III.
Each class serving staggered three-year terms, and how they will be divided has not yet been finalized and disclosed to the SEC.
Meanwhile, the board of directors will appoint an audit committee following the completion of its IPO.