As David J. Field steps down as President and CEO of Audacy, he has delivered a final message to staff. In an all-company memo shared with Radio Ink, Field shared his optimism for Audacy’s future as it enters a new chapter under fresh leadership.
Field writes:
I am writing to share the news that I am stepping down from my role as the CEO and President of Audacy effective today. One of our Board members, Kelli Turner, will be taking over duties on an interim basis while the company conducts a search for a new permanent leader. Kelli is an accomplished leader with a wealth of experience, and I am confident that she wi provide strong leadership for Audacy during this transition period. I will also become a Special Advisor to the CEO and Board of Directors and look forward to serving Audacy in this new role.
When I started at Audacy (then Entercom), we had $10 million in revenues with ten niche radio stations. Today, we are a $1.2 billion, multi-platform audio leader with one of the country’s two scaled radio broadcast groups, one of the largest podcast networks, the unrivaled leader in sports audio, and so much more.
The past few years have been difficult as we have faced the secular headwinds impacting virtually all media companies. Together, we completed a highly effective restructuring emerging strong, healthy and well-positioned for the future.
We emerged from our restructuring last September with the industry’s strongest balance sheet. At the same time, we delivered industry-leading growth with EBITDA up roughly 70% through the third quarter of 2024, driven by significant revenue share gains across both o radio and digital businesses. I am also proud to note that we did all this while staying true to our values and serving our listeners and customers without disruption.
It has been 27 years since I took the helm at Audacy. With the company now in a strong competitive and financial position and building on a year of industry-leading growth, it is t optimal time to pass the baton to new leadership and for me to move on to pursue new goals and challenges.
I am deeply proud of our wonderful team and everything we have accomplished. All of the great work we do makes a meaningful difference for our listeners, customers, partners, a communities. The company has a deep pool of talent and is in great hands going into the future.
I will dearly miss working every day at this special company and being a part of this outstanding team of quality individuals. It has been a true honor to serve you over all of these years. I look forward to continuing to contribute to Audacy in my new role.
With great respect, appreciation, and all best wishes for the chapters ahead,
David
