A few hours after Mark Mays informed Clear Channel Communications employees that he was stepping down as CEO by the end of this year the company’s board of directors issued a statement hailing Mays for his service. Now it is searching for his successor.
“Mark Mays has made enormous contributions to Clear Channel as President and CEO over the past six years, as he has throughout his career with the company. We deeply appreciate his service to the company, his leadership, and the remarkable foundation he has built,” said Scott M. Sperling, of THL Partners, and John Connaughton, of Bain Capital, in a joint statement on behalf of the Board.
“We are committed to identifying a world-class executive who will just as capably and successfully lead this great business into the future,” they added.
The Board has engaged Egon Zehnder International, a leading executive search firm, to lead the search for a new CEO.
Mays will continue to lead the company as President and CEO until a replacement is named, which is expected to be later this year.
RBR-TVBR observation: What’s really needed at Clear Channel is an operator, but at the same time the new CEO must be able to navigate the financial markets to keep the company one step ahead of the vulture funds which are hoping to force it into bankruptcy court. The Egon Zehnder International firm is not a familiar name, but its media and entertainment practice claims to have done nearly 1,000 projects – either recruiting managers, planning succession or evaluating acquisitions. It will be interesting to see who is recruited to head up Clear Channel.
Note: Have any thoughts on the Mays replacement – post below – let RBR-TVBR now.