Cumulus Media announced on Tuesday that the employment agreement for co-founder Lew Dickey has been given a multi-year extension. Dickey will continue to serve as President and CEO, as well as a member of the Board of Directors, through 2018.
Cumulus also announced that long-time director Robert H. ("Trey") Sheridan, III, of Ridgemont Equity Partners, will retire when his term ends at the 2015 annual meeting of stockholders, and that the Board has nominated Mary G. Berner to stand for election to fill the vacancy created on the Board by Sheridan's retirement. Berner is the current President and Chief Executive Officer of the Association of Magazine Media.
Dickey said: "We are fortunate to be adding Mary Berner to our Board, where her insights and experience will be valuable as we continue to position the company for long-term success in the changing media landscape."
Additionally, Jeffrey Marcus, currently the Cumulus Board Lead Director, has been appointed as non-executive Chairman of the Board of Directors. Marcus is a partner with Crestview Partners, the largest stockholder of Cumulus, where he leads Crestview's media investment strategy. He has been a member of the Board of Directors of Cumulus, and its Lead Director, since Crestview's investment in Cumulus in September 2011.
Regarding the renewal of Dickey and his own expanded role, Marcus said: "Our Board is grateful that Lew Dickey, who has built Cumulus into a leading national media business, has renewed his commitment to lead the company into the future. I look forward to continuing to collaborate with Lew to build value for our shareholders."
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