Clear Channel Outdoor amends executive contract with Lynn Feldman

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO), an outdoor advertising company with a market capitalization of $594 million, announced Tuesday it has entered into a second amended and restated employment agreement with Lynn Feldman, the company’s Executive Vice President, Chief Legal and Administrative Officer, and Corporate Secretary. The agreement becomes effective August 1, 2025, and replaces a previous arrangement that began November 1, 2022. According to InvestingPro data, the company operates with a significant debt burden while maintaining strong revenue of $1.51 billion in the last twelve months.

According to a statement from the company included in a recent SEC filing, the new contract sets Feldman’s annual base salary at $750,000, retroactive to June 1, 2025. She is also eligible for an annual performance bonus targeted at 100% of her base salary and an annual equity incentive grant with a target value of $1,400,000. The grant date fair value of any such award will not be less than $300,000, and the form of the award will be determined by the company’s Compensation Committee. This comes as the company faces profitability challenges, with InvestingPro analysis showing negative earnings per share of -$0.23 over the last twelve months.

The initial term of the agreement runs through July 31, 2028, with automatic two-year extensions unless either party provides written notice of non-renewal during a specified window before each term ends.

If Feldman’s employment is terminated by the company without cause, if the agreement is not renewed, or if she resigns for good cause, she will receive accrued and unpaid base salary, any unpaid annual bonus for the prior year, and payments required under benefit plans. Subject to executing a severance agreement and release, Feldman will also receive her base salary over a 12-month period, a pro rata annual bonus for the year of termination, and specified treatment of unvested equity awards. Certain equity awards scheduled to vest within 12 months after termination will vest immediately, and a portion of performance share units may remain eligible to vest, depending on the timing of termination.

The agreement includes confidentiality, non-interference, non-solicitation, and non-competition provisions that apply during employment and for 12 months after employment ends.

This information is based on a press release statement contained in the company’s filing with the Securities and Exchange Commission.

In other recent news, Clear Channel Outdoor Holdings Inc . reported its earnings for the first quarter of 2025, with earnings per share slightly exceeding expectations at -$0.1128 compared to the anticipated -$0.14. However, the company’s revenue fell short of projections, coming in at $334 million against an expected $337.17 million. Additionally, Clear Channel Outdoor announced a plan to offer $2.05 billion in senior secured notes due in 2031 and 2033. These notes are set to be guaranteed by certain wholly owned domestic subsidiaries and secured by the assets of the company and its guarantors. The issuance and sale of these notes are anticipated to close on August 4, 2025, pending customary closing conditions. Furthermore, during its recent Annual Meeting of Stockholders, all director nominees were elected to serve one-year terms. The elected directors include John Dionne, Lisa Hammitt, and others, with votes ranging from over 326 million to 355 million. These developments reflect ongoing strategic initiatives and governance activities within the company.

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