Clear Channel [1]’s CEO Mark Mays is leaving Clear Channel Communications, the company his father, Lowry, launched in 1972.
Mays announced late Tuesday that he would step down as CEO at the end of the year, although he will continue to be chairman of the Board of Directors.
Randall Mays, Mark’s younger brother, left the company’s executive management at the end of 2009. The former president and CFO, he remains a director and vice-chairman.
Mark Mays has been CEO since Oct., 2004, and was in other executive positions prior to that. He had been a director of Channel Communications since 1998. Mark had also held the position of president after his brother left
The two brothers had remained at Clear Channel as the two top operating executives even after almost their entire family stake was bought out when Bain Capital [2] and Thomas H. Lee Partners [3] became the primary owners of the company in July, 2008.
Mark Mays has been with Clear Channel for 21 years. Between now and year end, he plans to dedicate himself to ensuring solid financial performance, and to achieving a seamless transition.