June 23, 2010

Mark Mays to Step Down as Clear Channel CEO

The Wall Street Journal reports that CC Media Holdings CEO/President Mark Mays (pictured next to his father and Clear Channel chairman Lowry Mays) will step down as CEO "as soon as a replacement is named." Thomas Lee Partners and Bain Capital reportedly want a CEO that will bolster the company's digital strategy. Mays is expected to remain as Chairman (of the evil empire) until at least 2013.

In an e-mail to employees on Tuesday, Mays said, "Given the positive trends we are seeing, I am very optimistic about the future of Clear Channel. That's why I feel this is an opportune time for a new CEO to work with the management team in leading our terrific company forward."

CC Media was known as Clear Channel Communications until Bain Capital LLC and Thomas H. Lee Partners LP took the media company private in 2009. A company that was founded by former Presidential candidate Mitt Romney. Mays' brother, Randall Mays, resigned as CC Media President/CFO last October, while remaining as Vice Chairman until 2013.

That 2013 date seems very significant... we'll see how things play out politically... and did you ever wonder why Clear Channel Communications is headquartered in Texas???... More in the WSJ

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