Mark Mays, the second-generation president and CEO of Clear Channel Communications Inc, announced yesterday he plans to step down as company head by the end of the year.
"After 21 wonderful years of building the industry leader that is Clear Channel, I have made a personal decision to step away from the chief executive role," Mays said in a statement. "As I've discussed with our board, this is an opportune time for a new CEO to work with the management team in leading our terrific company forward, and I look forward to executing a seamless transition."
Mays, 46, (pictured left with his father Lowry) will continue to serve as chairman of the US's largest radio firm, a role he took on last year. The company announced it has hired executive search firm Egon Zehnder International to find a new CEO, suggesting his replacement will come from outside the founding Mays family.
Clear Channel was founded in 1972 by Mark's father Lowry Mays, who served as president and CEO until Mark took over in 2004. Mark's brother Randall Mays also works in the family business as vice chairman.
The company was privatised in 2008 in a deal worth around $24 billion, which was sponsored by private equity groups Thomas H Lee and Ban Capital Partners. (Continue reading here) Clear Channel controls close to 800 radio stations across the US, had 2009 revenues of $5.5 billion and owns an 89% share in publicly floated Clear Channel Outdoor Holdings.
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