Posted by MadisonRadio.com on June 23, 2010 at 00:01:01:
The Wall Street Journal says Mays "plans to step down at the end of the year", because controlling shareholders Bain Capital and Thomas H. Lee Partners "want to install an executive who is better positioned than Mr. Mays to bolster the company's digital strategy."
Mark’s father Lowry Mays founded Clear Channel in 1972 with partner B.J. "Red" McCombs, then got into TV station ownership and outdoor. The TV group was sold off, and Clear Channel itself went private in mid-2008 at $36 a share, bought by Bain and T.H. Lee Partners. Lowry Mays has been away from the company for several years, and Mark’s brother Randall left as president/CFO last October.
Randall is scheduled to remain Vice Chairman of the Board through 2013. The Journal believes Mark Mays will stay on as Chairman after he leaves his operating role.
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