![iHeartMedia CEO Bob Pittman, actor Vilmer Valderrama and President/COO and CFO Rich Bressler attend a Happy Hour at iHeartCafé | La Californie during the Cannes Lions Festival on June 19 in Cannes, France. [Photo: Adam Berry/Getty Images for iHeartMedia]](https://rbr.com/wp-content/uploads/2158288343-scaled-e1718914953101.jpg "iHeartMedia Hosts Happy Hour During The Cannes Lions Festival")
The Chairman/CEO and the President and Chief Operations Officer/Chief Financial Officer of the nation’s largest single owner of AM and FM radio stations have entered into employment agreement amendments with the publicly traded company — deals that extend the tenure of both leaders at iHeartMedia past 2026.
The new deals for Bob Pittman and Rich Bressler at iHeartMedia extend their employment agreements through the end of 2029.
As part of the agreements, 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).
But, perhaps the bigger takeaway is that Bressler’s amendment increased his cash severance multiplier from 1.5x to 2x to align his severance payments and benefits (upon a qualifying termination of employment) with Pittman’s existing severance payments and benefits.
Additionally, Bressler is allowed to reimburse iHeartMedia up to $250,000 in any calendar year for use of the company’s corporate aircraft.
Under the agreement with its CEO, iHeart has set a framework for Pittman, aged 71, to retire once New Year’s Eve 2029 arrives.
At retirement, Pittman would receive unpaid base salary, earned bonuses — including for 2029, and benefit payments. Equity awards granted at least six months before retirement would continue vesting on schedule or remain eligible based on performance goals.
— With reporting by Cameron Coats
