According to an 8K filed Friday the iHeartMedia Board of Directors approved retention bonuses for CEO Bob Pittman for $1.75 million, CFO Richard Bressler for $1.75 million and VP of Corporate Finance Steven Macri for $750,000.
The retention bonuses were paid on January 12, 2017. The Board also approved an incentive plan in which Pittman will be eligible to earn another $7 million bonus and Bressler another $3 million in 2017 based on their performance.
I looked up “indentured servitude”.
Yup, that’s the REAL culture – no matter what Bpb or Mary say.
Others can add the names of their own organizations by filling it in ___________ (here).
Leaving radio and iHeart was the best career decision I ever made. I’ve doubled my salary in 11 months and I work fewer hours. Plus, my phone doesn’t ring day and night, even when I’m on vacation.
They have everyone there brainwashed to believe their lucky to have a job. No believe it. The best way to get a raise at iHeart is to find a new career.
This is disgusting. Pittman and his minions are not held accountable- Pittman hasn’t made one cent in profit for clear channel/ I heart in the 7 years he has run the company. Not one cent. Why are he and Bressler and other execs being rewarded with millions of dollars in bonuses ??? Why??? What is so special about Pittman not being able to run a company profitability, that many others could also do?? Constantly laying off people, doing more voice tracking, and automating the sales process, are not skill sets that require unique talents. Pittman clearly has the Board of Directors in his pocket. And the investors in iheart/clear channel are total suckers.
This is the reason why these companies are going down the toilet.
They cut talent and programming resources, gutting the appeal of their stations, but somehow find the money equal to 10 or 12 talent salaries to give as executive bonuses for….what? What are they being “bonused” for?
This is truly sickening.
Peter, your math is bad. 4.25 million would give 100 people jobs for a year with a salary of $42,000 each.
And yes, this is EXACTLY why there’s something rotten in (corporate) Denmark.
$42,500, actually. My math got bad for a moment, too.
C’mon, they deserve this bonus. As of this morning 1/16/2017, iHeartMedia’s stock is at $1.15–that’s up a whole .14 from a year ago. Congrats!
You are being sarcastic right?
Yep. Both Cumulus and iHeart facing bankruptcy, but let’s be sure and make the big dogs richer while pushing for team spirit among the employees, and “make do with less” mentality. And amidst all of this double standard, employees are expected to trust and respect the company leadership. I can hear the funeral dirges playing in the background for both companies.
The death of radio… run it for less. The Clear Channel way-
I wonder how many actual hard-working people they will have to now lay off in order to afford this. I wish I could get paid that kind of money to drive a company into the ground and lose record amounts.