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Clear Channel CFO Steps Down

Clear Channel’s president and chief financial officer, Randall Mays, has decided to step down from his position. He will become the company’s vice chairman once Clear Channel finds someone to take over his role as CFO.

Mays’s brother, Mark P. Mays, will become Clear Channel’s president, according to The New York Times.

An active search is underway for a new CFO.

Since Clear Channel’s buyout last year, many key decisions about the company have been made by Bain Capital LLC and Thomas H. Lee Partners, the private equity companies that took Clear Channel private, writes the Wall Street Journal. Randall Mays’s role became less of a strategist and more operational.

Earlier this month, Clear Channel lost its head of outdoor advertising, Paul Meyer, who will step down at the end of the year.

Clear Channel saw second quarter radio revenue fall 20%; outdoor revenue was down 24%. ZenithOptimedia predicts radio revenue will return to positive growth in 2011.