Oct 28, 2009 - Randall Mays, president and chief financial officer of Clear Channel Communications, has decided to leave that position within the company. He issued an internal memo announcing his intent. That memo has been posted online, including at the New York Times Deal Book blog.
Mays will become Clear Channel vice chairman. He will also retain a seat on the board of directors. He will retain his current post until a successor is found for the CFO post At that time, Mark P. Mays, the company's current chief executive officer and Randall Mays's brother, will resume the role of president.
The Mays brothers are the sons of Lowry Mays, who created the foundation of Clear Channel with one Texas radio station in 1972.
The text of the memo:
I'm writing to share with you that Randall has decided to scale back his time commitment to Clear Channel. He will become vice chairman of the company and hand over day-to-day financial duties to a new CFO once he/she is in place. At that time, I will once again be president and CEO. It's important to know that Randall will go on serving our company at the highest level. He will remain a director of the company, his office will remain next to mine, and he will continue to be invaluable in helping us steer the strategic direction of Clear Channel. Randall's contract term remains unchanged through 2013.
During Randall's tenure, he has been widely recognized as one of the nation's top CFOs. While he will be a tough act to follow, we have an active search for a new CFO underway and we have been impressed with the caliber and number of candidates that have been identified.
Please join me in thanking Randall for his outstanding contributions to the Company and congratulating him on his forthcoming role.
Mark P. Mays