Cumulus Media Co-founder Lew Dickey has signed a new contract with the company.
He will continue to run the day-to-day operations Cumulus’ broadcasting stations, networks and strategic investments through 2018.
Dickey will remain on the board but drops the chairman title; board member Jeff Marcus, who’s a partner with Cumulus’ largest stockholder, Crestview Partners, becomes non-executive board chairman.
The board nominated Mary Berner, president and chief executive officer of the Association of Magazine Media, to stand for election on the board. That’s to fill the vacancy when Robert Sheridan of Ridgemont Equity Partners retires from the Cumulus board in May.