Pittman received a retention bonus of $1.75 million last week and stands to earn up to an additional $7 million under an executive incentive plan, the San Antonio, Texas, company said in a regulatory filing.
Richard J. Bressler, iHeart’s president, chief operating officer and chief financial officer, received an identical retention bonus and can earn up to $3 million in 2017 under the recently adopted incentive plan.
The company is operationally profitable but is saddled with $20.2 billion in debt.
Meanwhile, Cumulus Media has awarded Chief Executive Mary Berner a $1.1 million bonus.
Berner received the one-time cash payout “in recognition of, among other things, her exceptional efforts and contributions during 2016,” the company said in a late Friday filing with the Securities and Exchange Commission.
Berner was instrumental “in the initial phase of [the Cumulus] operational turnaround plan and ongoing operational and financial restructuring,” the company said in the filing.
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