He’s served as both Chief Operating Officer and Chief Financial Officer of the nation’s largest audio content creation and distribution company for nearly 11 years. Soon, that will change, with Rich Bressler concentrating fully on his COO role at iHeartMedia.
What’s happened? The company has given Bressler’s CFO duties to an individual who has been its Executive Vice President of Finance and Deputy CFO since joining iHeartMedia in 2019.
As first reported by Streamline Publishing’s Radio Ink, Mike McGuinness is being promoted to Chief Financial Officer, effective January 1. The company revealed the pending change in a Securities and Exchange Commission filing. The promotion includes an updated employment agreement for McGuinness that runs through June 30, 2030. His compensation package features a $1.2 million base salary, annual bonus potential of 150% of base pay, and $1.5 million in yearly long-term incentive grants.
McGuinness, who is 48 years of age, will report directly to Bressler, who has served as President/CFO since July 2013, arriving from private equity firm Thomas H. Lee Partners — one of the entities tied to the ill-fated privatization of the former Clear Channel Communications, the predecessor to iHeartMedia. He added COO duties in February 2015.
For McGuinness, the new duties add to a resumé that includes a role as SVP/Chief Accounting Officer at organic foods and healthcare product giant The Hain Celestial Group. He also spent eight years at Monster Worldwide, exiting as Executive Vice President/CFO.
Bressler and CEO Bob Pittman each entered into long-term amended employment agreements with iHeartMedia in September.
