Clear Channel Is Moving John Hogan To NYC

John Hogan

Clear Channel Communications seems to be getting into a ‘New York State of Mind’ with the board approval last week of relocation expenses for Chairman/CEO John Hogan.

Hogan, who moved from Atlanta to San Antonio when the Mays family was at the top of the corporate ladder, is now moving to New York City where he’ll be closer to Bob Pittman.

According to the company’s SEC filing: 

Clear Channel Communications, Inc. is an indirect subsidiary of CC Media Holdings, Inc. (the “Company”). On June 12, 2013, the Compensation Committee of the board of directors of the Company approved certain compensation changes and relocation benefits for John E. Hogan, who serves as the Chairman and Chief Executive Officer—Clear Channel Media & Entertainment of the Company and Clear Channel Communications, Inc., in connection with Mr. Hogan’s relocation from the Company’s offices in San Antonio to the Company’s offices in New York City.  

In connection with Mr. Hogan’s relocation, the Compensation Committee approved: (1) an increase in Mr. Hogan’s annual base salary from $1,000,000 to $1,125,000, effective June 3, 2013; (2) an increase in Mr. Hogan’s target performance bonus for 2013 from $1,200,000 to $1,375,000, which increase in target performance bonus shall be prorated for the portion of 2013 beginning on June 3, 2013; (3) a housing allowance of $25,000 per month (fully grossed-up for certain applicable taxes) for a period of 18 months; and (4) a payment of $100,000 (less applicable taxes) for relocation-related expenses.