CCM+E's Bob Pittman Extends Contract, John Hogan Retires
January 13, 2014 Untitled Document
CC Media Holdings, Inc. has announced that Chairman and CEO Bob Pittman has extended his contract for an additional 5-year term. Pittman joined Clear Channel in November 2010 as an investor and the companyís Chairman of Media and Entertainment Platforms, became the CEO in 2011 and added the Chairman responsibilities in 2013.
"I initially took on this role because of the one-of-a-kind assets at Clear Channel, with greater reach than any other media company in America, and its people, who have both the creativity and the drive to reinvent the company," said Pittman. "The opportunity was irresistible Ė and itís been validated by the success of the iHeartRadio digital service, which reached 20 million registered users faster than any service in the history of the Internet -- as well as the transformation of Clear Channel Outdoor to a true media company that connects brands to consumers in increasingly innovative ways, from digital boards to interactive bus shelters to virtual stores connected by mobile devices. The progress we've made in the last two years has exceeded my expectations and I'm excited to commit to another five years with this amazing team of dedicated innovators."
The company also announced that John Hogan, Chairman and CEO of Clear Channel Media and Entertainment, is retiring. In recognition of his many contributions to Clear Channel, Hogan has been awarded the title of Chairman emeritus of Clear Channel Media and Entertainment. Hogan joined Clear Channel in 1999 when the Company acquired Jacor Communications, where he was Senior Vice President of Radio. He was named Chief Operating Officer of Clear Channel Radio two years later, and became President and CEO of Clear Channel Radio in 2002. He was named as Chairman and CEO of Clear Channel Media and Entertainment in February 2012.
Clear Channel Media and Entertainment will now report directly to Pittman and Clear Channelís President and Chief Financial Officer, Rich Bressler. William Eccleshare continues as CEO of Clear Channel Outdoor and reports to Pittman.
"John Hogan has made tremendous contributions to Clear Channel during his tenure Ė particularly during the unprecedented economic headwinds our country, our industry and our company, faced in 2008 and 2009," said Pittman. "He has been an excellent partner for me and for Clear Channelís leadership as we have evolved into the only multi-platform media company with national reach and the ability to execute locally."
Pittman continued, "As my friend and partner in Clear Channel Media and Entertainment, John has been an important element in Clear Channelís transformation into a multiplatform media company. There is never a perfect time to make big decisions like this, but his logic was compelling and making this change at the start of a new year made sense. We thank him for his long service and the enormous positive impact he's had on both our company and the radio industry, and we are delighted that John will remain part of the family with his title of Clear Channel Media and Entertainment Chairman emeritus."