Let’s hope this is not reflective and/or an indication of what’s to come before year’s end with Clear Channel. Many financial analysts as well as industry pros predicted earlier in the year the media giant was going to see some major changes by year’s end as it continues to struggle financially. This would certainly fit into the category of “major” change. President and chief financial officer of CC Media Holdings Inc.’s Clear Channel Communications, Randall Mays is stepping down, according to an announcement sent to company employees late Tuesday. Since the financially challenged San Antonio, Texas-based radio and billboard giant was taken private last year, many key strategic decisions have been made by the private-equity companies that spearheaded the privatization: Bain Capital LLC and Thomas H. Lee Partners LP. A company spokeswoman said Randall Mays wasn’t available for comment.
Randall Mays’s position became “less of a strategist job and more operational,” says a person familiar with the situation. Mr. Mays’s older brother, Mark Mays, is to remain Clear Channel’s chief executive, the internal announcement said, and will add president to his title, as well. The younger son of Clear Channel founder and Chairman Lowry Mays, Randall Mays joined the company in 1993 as vice president and treasurer. The company plans to keep him on as vice chairman until 2013, when his employment contract expires.