Posted by chicagomedia.org on January 22, 2009 at 10:25:33:
In Reply to: Clear Channel's CEO, Mark Mays Emails Memo To All Employees posted by chicagomedia.org on January 20, 2009 at 16:05:36:
Mays Brothers' Salaries Cut
Radio Ink - SAN ANTONIO -- January 21, 2009: After yesterday's layoffs of about 1,850 Clear Channel employees, CEO Mark Mays and CFO Randall Mays are taking a pay cut. In a Securities and Exchange Commission filing by Clear Channel parent CC Media Holdings, the company says it is decreasing both Mays brothers' salaries to $500,000 this year -- though, after this year, they're set to receive a minimum base salary of $1 million. Mark had been set to receive $895,000 in 2009 and Randall would have made $875,000.
Additionally, beginning this year, the Mays' bonuses will be "based on the percentage of target EBITDA that is achieved for the applicable year." The board, "in consultation with management," will set the target, and reaching it would bring bonuses of $2 million. Beating the target would raise the bonus, to a maximum of $4 million.
Under the old agreement, Mark and Randall Mays were entitled to bonuses of $6.6 million for achieving 80 percent of an operating income goal, the Wall Street Journal reports. Clear Channel called the move "an act of leadership during a time when the company is facing challenging economic conditions."