That’s the duration of the contract that that Clear Channel Radio CEO John Hogan signed last night. Hogan’s previous contract expired January 31, 2006 and he has been working on a day-to-day basis since then. No one really expected him to leave, but having a signed contract with the new ownership group, led by Thomas H. Lee Partners and Bain Capital, is seen as adding some stability to the transition and eliminating any doubt about Hogan’s situation.
Clear Channel Communications CEO Mark Mays informed the troops with an internal memo stating: "This management team will be on point to compete successfully against newspapers, cable, television and all of our other competitors," meaning Clear Channel’s ability to grab share of the advertising market.
No word on terms, but we assume he negotiated a raise. According to the merger documents, Hogan’s current annual base salary is $775,000 and he is eligible each year for a performance bonus, as well as stock and options. His total compensation last year was $2,166,308.
RBR/TVBR observation: RBR has not confirmed but this is what was buzzing over the weekend on email. Look for a new structure for organizing the top markets, but sources are not sure how deep it will go. Speculation is top 30 markets into one division reporting to EVP’s. Then the medium markets will see change in reporting status as well as small markets, to EVPs. Seems the RVPs will lose their stripes and go back to being a market manager.
There are said to be conference calls today – one for the medium markets and the other for the small markets.
Adding to this speculation and confirmed is Ed Krampf out as of last Friday as his name just disappeared from CCU’s management roster.