Stephen Fisher did not step down as EVP/CFO of Entercom Communications on Tuesday (2/28).
That’s thanks to a little tax-free merger that Entercom is conducting with CBS Radio.
In an 8-K filing made Feb. 28 by Entercom, the company explained that, in light of the company’s pending transaction with CBS Corp., an amendment to Fisher’s employment agreement has been made that extends his service to Entercom through Jan. 31, 2018.
However, Fisher will continue as CFO through no later than April 30, 2017. Thereafter, he will provide “transitional services to the company.”
This also gives CBS Radio staff a hint as to what is to come over the next several months regarding a transition to Entercom benefits and management.
Fisher’s agreement provides for a monthly salary of $55,344 for the first two months and, initially, $36,111 per month thereafter. This amount may increase or decrease, depending on the level of services provided.
His agreement also provides for a bonus of $650,000 in 2018 for services rendered during 2017 in lieu of both his annual incentive bonus and his annual equity compensation grant. In addition, Fisher is eligible to participate in benefit plans generally available to the Entercom officers.