He will continue to fill the role of President/CEO.
In addition, Jeff Marcus has been named Non-Executive Chairman of the company.
Exiting will be board member Robert H. Sheridan III, who will step down in May.
“Our Board is grateful that Lew Dickey, who has built Cumulus into a leading national media business, has renewed his commitment to lead the company into the future. I look forward to continuing to collaborate with Lew to build value for our shareholders”, said Board member Jeff Marcus.
Dickey will be in charge of strategic development and day-to-day operations of the company’s radio, network and strategic assets.
Marcus, a partner with major Cumulus investor Crestview Partners, will assume the Chairman role to take some pressure off of Dickey, giving him more space to focus on his operational duties.