Westwood One Eliminates Hersam’s Job But Keeps Him On

Westwood One said in a Monday (April 6) SEC filing that, after 12 months on the job, executive vp and chief revenue officer Andrew Hersam has been let go. He was told March 31 that it was his last day at Westwood One, the Form 8-K filing reported.

Hersam will continue to receive his base salary of $425,000 for a year. “The first two months of such payments (approximately $35,417 per month) will be paid on June 5, 2009.” The company has agreed in principle to enter into a two-month agreement with Hersam where he will consult Westwood One on negotiation and closing of a cross-platform advertising sales deal for two months for an additional two payments of $23,375, plus certain commissions related to the deal.

Hersam will also be permitted to exercise one-third of his stock option on 300,000 shares at $1.66 per share of Westwood One stock. The company, recently delisted from the New York Stock exchange and now traded on the Over-the-Counter market under the symbol WWON, gained two-tenths of a cent today to close at 6.3 cents a share.