SAN ANTONIO -- Randall Mays is no longer President and CFO of CC Media Holdings, according to a document filed this morning with the U.S. Securities and Exchange Commission. Randall's brother Mark, the company's CEO, is now also serving as interim CFO until a permanent replacement is named.
A Form 8-K filed today states Randall Mays "will remain a director and employee of the Company," but the specifics of his new title and pay rate "are still being finalized and, as a result, the Company has not included such terms in this Form 8-K." CC Media states an amendment will be filed when those details are ironed out.
According to today's edition of Taylor-on-Radio-Info, columnist Tom Taylor reports Randall Mays is expected to be named "Vice Chairman" of the company, with a lower salary. His contract with the company runs through 2013.
Taylor also says the Presidency of CC Media will be left vacant for now, and Mark Mays is expected to merge the President and CEO titles together when he hands off the CFO title to its permanent successor. There's been no word yet on who that new CFO might be.
Locally, Clear Channel owns six radio stations in the Syracuse market.