Wednesday, March 27, 2013

CC Holdings Bob Pittman To Become ‘Board Chairman’

Bob Pittman
According to the company’s latest Schedule 14A SEC filing, Bob Pittman will become Board Chairman on May as Mark Mays completes his turnover of executive titles.

Mays has been Chairman of the Board since March 31, 2011 when he relinquished titles of President and CEO.  Mark Mays will continue on the board – but his brother Randall is leaving. According to the filing, Randall “is not standing for re-election,” and he won’t be replaced.

That shrinks the size of the board from 13 members to 12, following the upcoming annual meeting.

The filing stated having Pittman as CEO and Board Chairman will “help facilitate the flow of information between management and the board.” The company also states it believes Pittman provides us with a clear leadership structure.

Bob Pittman made $3,645,145 last year from Clear Channel. The board added a discretionary bonus of $597,000 follwing what it termed  “subjective review” of his performance.

As for John Hogan, he made about $300,000 less than Pittman.  His total 2012 compensation was $3,335,324 – up substantially from $2,477,307 in 2011, thanks to stock awards.

EVP/CFO Tom Casey took home even more than Hogan or Pittman – a total of $4,265,256.

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