In an announcement distributed just after Thursday’s Closing Bell on Wall Street, Cumulus Media revealed that EVP/CFO John Abbot will exit the company following the distribution of its Q4 and full-year 2019 results.
The search for his successor is on.
“It has been a privilege and tremendously rewarding to work with [President/CEO] Mary Berner and the rest of the Cumulus team, and I am truly proud of our many accomplishments over these past several years,” said Abbot, who took the role in July 2016. “I am confident in the company’s ongoing ability to achieve its objectives, and I look forward to following Cumulus’s continued success in the years ahead.”
Cumulus hired Abbot following his tenure as EVP/CFO of Telx. Prior roles include that of CFO of Insight Communications, and from January 1995-January 2004 as a Managing Director of Media and Telecom Investment Banking at Morgan Stanley.
From 1992-1994, he was an investment banking associate for Goldman Sachs.
Before his Wall Street experience, Abbot was a Surface Warfare Officer in the U.S. Navy.
In prepared comments, Berner thanked Abbot “for his many contributions to Cumulus and for the strong finance and accounting organization he has helped build.”
He had been commuting from his home in Connecticut to Atlanta, which was acknowledged by Berner.
“It’s understandable that John has decided to pursue new opportunities at a company based closer to his home,” she said, emphasizing that business will continue as usual at Cumulus “with our focus remaining on the execution of our key strategic initiatives – enhancing operational performance, growing our digital businesses, and optimizing our asset portfolio – while making progress on our financial goals for the benefit of all of our stakeholders.”
Some may view the timing as curious, as Cumulus Media is said to have reached a deal to sell KABC-AM in Los Angeles. Once a top-rated Talk station and the radio home of the Los Angeles Dodgers, KABC has declined due to demographic changes in Southern California and decreased consumption of AM radio. Cumulus previously sold former sibling KLOS-FM in Los Angeles to Meruelo Media.
At Cumulus, Abbot succeeded Joe Hannan, who resigned to pursue other interests.