Cumulus Media Inc. has re-upped five of its top executives, including Chairman/CEO/President Lewis W. Dickey Jr. The move was made 11/29/11 and will keep the team on board for at least three years, with options for longer employment built in.
Base salaries were enumerated and are effective back to 9/16/11 when the acquisition of Citadel Broadcasting Corporation was consummated.
Here are the execs, along with some detail on their compensation packages:
* Lewis W. Dickey, Jr., Chairman, Chief Executive Officer and President: Base annual salary $1,450,000; bonus structure Target – 100%, Maximum – 150%
* Joseph P. Hannan, Senior Vice President, Treasurer and Chief Financial Officer: Base annual salary $550,000; bonus structure Target – 50%, Maximum – 75%
* John G. Pinch, Executive Vice President and Co-Chief Operating Officer: Base annual salary $775,000; bonus structure Target – 75%, Maximum – 100%
* John W. Dickey, Executive Vice President and Co-Chief Operating Officer: Base annual salary $875,000; bonus structure Target – 75%, Maximum – 100%
* Richard S. Denning, Senior Vice President, Secretary and General Counsel: Base annual salary$500,000; bonus structure Target – 40%, Maximum – 60%
The information was reported in an SEC filing; it also details the packages that will go to each in the event they are terminated for any reason other than “cause” or if the exec decides to leave for “good reason.”
