Clear Channel Radio president and CEO John Hogan finalized an agreement on Sunday night (June 29) that will keep him as the radio division’s leader for another five years, according to a Reuters report.
The new agreement sends a strong signal to the Clear Channel ranks and the industry that the private equity investment group acquiring Clear Channel Communications, Thomas H. Lee Partners and Bain Capital, has complete confidence in current management. Contractually, Hogan has been working on a day-to-day basis for the past year.
In an internal memo announcing Hogan’s new contract, Clear Channel Communications CEO Mark Mays said: “This management team will be on point to compete successfully against newspapers, cable, television and all of our other competitors.”
Hogan has served as president and CEO of Clear Channel Radio since August 2002, when he moved up from the COO position, taking over for Randy Michaels.