Cumulus Media stock slipped below the magic $1 level in trading just before Noon on Wednesday, signaling continued financial troubles at the debt-laden company that today is the second-largest radio station owner in the U.S.
That’s why some Cumulus investors, and staffers, may not be too pleased upon learning of the bonuses recently arrived EVP/Treasurer/CFO John Abbot and SVP/Secretary/General Counsel Richard Denning just scored.
On Dec. 15, the compensation committee of Cumulus’ Board of Directors approved “one-time discretionary cash incentive compensation awards” of $421,875 for Abbot, and of $165,000 for Denning.
Cumulus says the cash awards were made in recognition of, among other things, “the exceptional efforts and contributions made by those executive officers during 2016, both individually and as members of the management leadership team, in the initial phase of the company’s operational turnaround plan and ongoing operational and financial restructuring.”
Cumulus noted that the bonuses were made “in lieu of any award to which those executive officers might have been entitled under the company’s annual incentive plan for 2016, as previously disclosed.”