At a meeting of the Cumulus Board on Monday Cumulus founder Lew Dickey, who was Vice Chairman of the Board, resigned. The reason given was “to pursue other professional interests.” In their 2011 agreement the Dickey family is entitled to designate one member of the Cumulus Board. Lew informed the Board that he was designating his brother John Dickey to replace him. Lew was pushed out as CEO of Cumulus in September of 2015, replaced by Mary Berner.
Also on Monday, Brian Cassidy, one of Crestview’s designees to the Board under the Stockholders’ Agreement, separately notified the Company that he was resigning from the Board due to his other professional commitments, and Crestview informed the Company that in accordance with its designation rights under the Stockholders’ Agreement, it was designating Ross Oliver as the successor designee to Cassidy.
Maybe Lew was mad because Mary Berner referred to his legacy of a “toxic culture” on her quarterly earnings call. Either that or a bankruptcy filing is near and he’d rather not be around for that.
Yes. He is the son of Lewis Dickey, owner of that station.
Is Lew Dickey any relation to the Dickey family that owned and ran radio stations in Eau Claire, Wisconsin?