Randall Mays intends to give up his roles as president and chief financial officer of Clear Channel Communications to become the company's new vice chairman. A search is underway for a new CFO; when that person is hired, Randall's brother Mark Mays will take on the president's role.
The changes came to light this week in a company memo printed by the New York Times, which credited the site DealBook for obtaining the document. No reason for the decision was given in the memo and the company has been declining comment on the change.
This is the latest in a series of management changes at Clear Channel since its $24 billion takeover last year by private equity firms Bain Capital and THL Partners. Since the buyout, the company has undertaken a restructuring program to cope with the billions of dollars in debt it incurred in the deal, the Times reported.
In the memo to employees, Mark Mays said his brother will remain a director of the company" with an office next to his and continue to help steer "the strategic direction of Clear Channel."
Randall Mays has an employment contract that runs through 2013; the younger son of co-founder Lowry Mays joined the firm in 1993 as vice president and treasurer. The Wall Street Journal reported that Randall Mays' base salary is now $500,000 with a performance bonus of up to $4 million; his salary was cut early this year from a base amount of $875,000 plus a bonus of at least $6.6 million.
Several other executives have announced recently they're leaving the company, including Chief Accounting Officer Herbert Hill, Chief Legal Officer Andy Levin as well as Paul Meyer, head of outdoor advertising.