iHeartMedia has entered into employment agreement extensions with Chairman/CEO Bob Pittman and President/COO/CFO Rich Bressler.
The duo’s contracts were set to expired in 2026 with the new agreements extending their terms until December 31, 2029. As part of the new deals, any outstanding equity awards granted at least six months prior to a qualifying retirement termination will remain outstanding and eligible to vest in accordance with the original vesting schedule (and, for performance-based awards, based on actual performance), and Bressler’s severance multiplier rises from 1.5 to 2x to “align his severance payments and benefits (upon a qualifying termination of employment) with Mr. Pittman’s existing severance payments and benefits.”
Pittman joined then Clear Channel as Chairman of Media and Entertainment Platforms in 2010 and rose to Chairman/CEO of the company in 2013 overseeing its rebrand to iHeartMedia in 2014. Pittman has also served as CEO of MTV Networks, AOL Networks, Six Flags, Quantum Media, Century 21 Real Estate, and Time Warner Enterprises as well as COO of AOL and AOL Time Warner, and founding member of the New York-based Pilot Group investment firm.
Bressler has served in his role alongside Pittman since January 2013 after previously working as a Managing Director at Thomas H. Lee Partners. Bressler has also held roles as Senior EVP/CFO of Viacom, Chairman/CEO of Time Warner Digital Media, EVP/CFO of Time Warner Inc, and a partner in the accounting firm of Ernst & Young LLP.
This story first appeared on radioinsight.com