Mays Will Continue as Chairman; Search for New CEO Underway

SAN ANTONIO--(BUSINESS WIRE)--Clear Channel Communications, Inc. today announced that Mark P. Mays has decided to step down from his role as President and Chief Executive Officer and has asked the Board of Directors to initiate a search for his replacement. Mays will continue to serve as Chairman of the Board of Directors and will remain actively involved with the company in that capacity.

“As I’ve discussed with our Board, this is an opportune time for a new CEO to work with the management team in leading our terrific company forward, and I look forward to executing a seamless transition.”

“After 21 wonderful years of building the industry leader that is Clear Channel, I have made a personal decision to step away from the chief executive role. Clear Channel is well-positioned to continue leading in the marketplace, and given the positive trends I am seeing, I am very optimistic about the future of the company,” said Mays. “As I’ve discussed with our Board, this is an opportune time for a new CEO to work with the management team in leading our terrific company forward, and I look forward to executing a seamless transition.”

“Mark Mays has made enormous contributions to Clear Channel as President and CEO over the past six years, as he has throughout his career with the company. We deeply appreciate his service to the company, his leadership, and the remarkable foundation he has built,” said Scott M. Sperling, of THL Partners, and John Connaughton, of Bain Capital, in a joint statement on behalf of the Board. “We are committed to identifying a world-class executive who will just as capably and successfully lead this great business into the future.”

Mays has served as Chairman of the Board of Clear Channel Communications since last year and as President and CEO since October 2004. Prior to that, Mays served in various roles at the company, including Vice President and Treasurer, Senior Vice President of Operations and later President and COO.

Mays will continue to lead the company as President and CEO until a replacement is named, which is expected to be later this year.

The Board has engaged Egon Zehnder International, a leading executive search firm, to lead the search for a new CEO.

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