Business Context and Reporting Period
This Form 8-K is a current report filed by Clear Channel Outdoor Holdings, Inc. (CCOH) on July 30, 2013, regarding events occurring on July 29, 2013. The filing addresses a significant management change within the company's executive leadership.
Key Financial Metrics
This filing does not contain financial performance data. There are no disclosures regarding revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
The primary material change reported is the appointment of Richard J. Bressler as President and Chief Financial Officer (CFO) of CC Media Holdings, Inc. (CCMH), Clear Channel Communications, Inc. (CCU), and Clear Channel Capital I, LLC (CCC). Pursuant to a services agreement, Mr. Bressler also serves as the CFO of CCOH. He succeeds Thomas W. Casey, who previously held the CFO role across these entities.
Management Commentary and Background
Mr. Bressler joins the company from Thomas H. Lee Partners, L.P. (THL), where he served as Managing Director. THL, along with Bain Capital, LLC, acquired Clear Channel Communications in 2008. Prior to his tenure at THL, Mr. Bressler held senior executive roles at Viacom, Inc. (2001–2005) and Time Warner, Inc. (1995–1999), including serving as CFO for both organizations.
Investor Verification Checklist
- Verify the effective date of Richard J. Bressler's appointment (July 29, 2013).
- Confirm the scope of Mr. Bressler's role across the parent company (CCMH), Clear Channel Communications (CCU), and Clear Channel Outdoor Holdings (CCOH).
- Review the attached press release (Exhibit 99.1) for additional details on the transition from Thomas W. Casey.
- Note that this filing contains no financial results; refer to the most recent 10-Q or 10-K for financial metrics.