The details of the Clear Channel/Bob Pittman deal were filed in an 8K with the SEC yesterday and they show that the company is rewarding Mr. Pittman handsomely for what he has done so far and what they hope he will accomplish for Clear Channel in the future. The new CEO will receive a base salary of $1 million which can be increased at the discretion of Clear Channel's compensation committee. Pittman will also have the opportunity to earn an annual bonus for hitting "reasonable" goals established by the committee after consultation with Pittman. The agreement says "The aggregate target performance bonus that may be earned when all of Pittman?s performance objectives are achieved will be not less than $1,650,000". Pittman has become a positive pitchman for the entire industry giving pro-radio slide filled presentations detailing and highlighting how successful both Clear Channel and radio are with both consumers and advertisers.
Here are more details for the new CEO of Radio's biggest company. "During the term of his employment, clear channel will make an aircraft (which, to the extent available, will be a Dassault-Breguet Mystere Falcon 900) available to Mr. Pittman for his business and personal use and will pay all costs associated with the provision of the aircraft. If a company aircraft is not available due to service or maintenance issues, Clear Channel will charter a private aircraft for Pittman's business and personal use. Clear Channel will also make a car and driver available for Pittman's business and personal use in and around the New York area as well as anywhere else on company business."
Read the 8K HERE
Add a Comment Send This Story To A Friend
