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Mediaco Holding Inc. (NASDAQ:MDIA), a radio broadcasting company, has announced significant changes in its executive team. The company's Chief Financial Officer, Ann C. Beemish, has resigned from her role, effective September 30, 2024. Following this departure, the Board of Directors appointed Debra DeFelice as the new Chief Financial Officer and Treasurer of the company on Thursday.
DeFelice, 55, brings a wealth of experience to the role, having served as the Company’s SVP of Finance & Assistant Treasurer/EVP Radio Finance since April 2021. Her previous positions include corporate controller at Artisanal Brewing Ventures and HEPACO, LLC, as well as Division Controller/Director of Finance at ATI Specialty Materials. DeFelice is a Certified Public Accountant and holds a BS from Binghamton University and an MBA from East Carolina University.
The Board, upon the Compensation Committee's recommendation, has set DeFelice's base annual salary at $450,000. She will also be eligible for annual cash incentive compensation with a target amount of $225,000, based on the company's discretion. Additionally, DeFelice will receive a one-time bonus of $75,000 in the first quarter of 2025 and an equity grant valued at $1,000,000, subject to stockholder approval of a new equity incentive plan. The equity grant includes provisions for both time-based and performance-based vesting.
In case of termination without cause, DeFelice has a severance arrangement equal to six months of her base salary. There are no disclosed familial relationships between DeFelice and any company directors or executive officers, nor are there any material transactions involving her that would require disclosure.
In another executive shift, President Kudjo Sogadzi resigned from his position on Thursday. Jacqueline Hernández, currently the interim Chief Executive Officer, has taken on the additional role of interim President.
The information reported is based on a press release statement from Mediaco Holding Inc., as filed with the Securities and Exchange Commission. This executive reshuffle comes as Mediaco continues to navigate the dynamic broadcasting industry landscape.
In other recent news, MediaCo Holding Inc. has made significant changes to its executive compensation arrangements, according to a recent 8-K filing with the Securities and Exchange Commission. The board of directors has approved new compensation terms for several key officers, including Chief Operating Officer Brian Kei, President Alberto Rodriguez, and incoming Chief Legal Officer Andrew Carington.
MediaCo has also secured an additional $7.5 million credit facility, amending its existing agreements. This is part of the company's efforts to strengthen its financial position, with the additional financing coming from an increase to the existing delayed draw facility.
In recent developments, MediaCo shareholders have shown support for the company's executive pay, re-electing three directors and approving the executive compensation package. Ernst & Young LLP has been ratified as the company's independent auditors for the upcoming fiscal year.
Furthermore, MediaCo has expanded its portfolio with the acquisition of Estrella Media's network and digital operations, enhancing its Spanish-language content offerings. Jacqueline Hernández, known for her extensive experience in Hispanic media, has been appointed as the Interim CEO of MediaCo.
InvestingPro Insights
As Mediaco Holding Inc. (NASDAQ:MDIA) undergoes significant executive changes, it's crucial to consider the company's financial health and market performance. According to InvestingPro data, MDIA's market capitalization stands at $61.18 million, reflecting its current position in the broadcasting industry.
The company's revenue growth is a bright spot, with a 22.8% increase over the last twelve months as of Q2 2024, and an impressive 116.9% quarterly growth in Q2 2024. This growth trajectory could be a positive factor for the new executive team to build upon.
However, InvestingPro Tips highlight some challenges. The company is not profitable over the last twelve months, with a negative P/E ratio of -1.02. Additionally, MDIA operates with a significant debt burden and is quickly burning through cash, which may require attention from the new CFO, Debra DeFelice.
The stock's performance has been volatile, with a 106.42% price return over the last six months, but a -65.87% return over the last three months. This volatility aligns with the InvestingPro Tip indicating that the stock generally trades with high price volatility.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for MDIA, providing a deeper understanding of the company's financial situation and market position.
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