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Clear Channel Radio President To Retire

Clear Channel Radio President and Chief Operating Officer Kenneth O’Keefe is retiring from the company, effective June 30.

No successor has yet been named, and Clear Channel Radio Chief Executive Officer Randy Michaels will assume Mr. O’Keefe’s duties on an interim basis.

O’Keefe served as the President of Clear Channel Radio since its merger with AMFM in August 2000, and had previously been COO of AMFM which, at the time, was the nation’s largest radio broadcasting company with over 400 stations. O’Keefe’s primary role since the merger has been to integrate the operations of the Clear Channel Radio and AMFM organizations, as well as creating and implementing a plan for the reorganization of the management of the radio division.

Commenting on O’Keefe’s imminent departure, Michaels said, “I am happy to report that Kenny has been extremely successful in achieving the goals we jointly set out at the time of the merger. He has, in a very short period of time, restructured the management of the radio division. He has done this while simultaneously melding the cultures of the two companies and never wavering from the Clear Channel philosophy that the best idea must win irrespective of its origin. Unfortunately, Kenny has been so successful in carrying out this task, that since most of the “heavy lifting” is finished, he now sees an opportunity to move on and pursue other personal goals.”

O’Keefe added, “The success today of Clear Channel and the companies and stations which now comprise its radio operations is attributable to one factor and one factor only -the incredible management, programming, operations, on-air, sales and marketing talent that we have been able to attract in the last fifteen years … As such, the most gratifying element of my career is, and will continue to be, watching and rooting for this incredible talent pool to reach beyond its horizons and to enjoy the success that intense, focused work brings with it. I’m very proud of everyone’s accomplishments and look forward to participating in their continued success as a shareholder of Clear Channel Communications.”

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