An SEC filing on 11/18 details former Westwood One CEO Rod Sherwood’s (pictured) departure from the company, after the merger with Dial Global. Pursuant to the separation deal, Sherwood will continue to receive his contractual base salary of $600k in equal installments over one year. Sherwood is eligible to receive continued health benefits at the company’s expense for a period of one year.
On 11/16 Westwood and its SVP/Sales Steve Chessare entered into a separation agreement based on the terms of the termination of his employment 10/24. Chessare will continue to receive his base salary of $380k in equal installments over six months. Chessare is also eligible to have the costs of his continued health benefits reimbursed by the company through 4/30/12.
RBR-TVBR observation: Rod Sherwood’s tenure running Westwood One was a good one. He successfully turned around a struggling company operating in tough times and made it an attractive acquisition target for Verge Media/Dial Global. Just to note: WW1’s stock improved some 103% in 2010; Q4 2010 revenue was up 6.5% to $98.3 million, with the Network Radio division up 9.8% to $57.2 million and Metro Traffic revenues up 2.2% to $41.2 million (before the sale to Clear Channel). FY 2010 revenue was up 6.5% to $362.5 million, with Network Radio up 7.1% to $197 million and Metro Traffic up 5.8% to $165.5 million. In the end, Sherwood increased value for WW1 stockholders in the long term–in essence, his main mission.