Audacy Chief Financial Officer Rich Schmaeling has stepped down from his role effective immediately. Audacy has stated that it does not plan to appoint a new CFO in the near term to replace Schmaeling, who has served as CFO since 2017.
According to a press release, Schmaeling is leaving to pursue other business opportunities but will remain available to assist with the transition. In 2021, he signed a four-year deal through April 30, 2025, that paid $800,000 per year plus bonuses.
This marks the latest executive leadership change following Audacy’s emergence from Chapter 11 proceedings. In January, David J. Field stepped down from his roles as President, CEO, and Board Member. Kelli Turner, a member of Audacy’s Board since September, was appointed as the interim President and CEO.
Schmaeling joined then-Entercom as it prepared for its transformative merger with CBS Radio, helping oversee one of the largest consolidations in the radio industry. Prior to his tenure at Audacy, he was CFO of LIN Media, a television and digital media company that operated in 23 US markets before its acquisition by Media General in 2014.
His previous roles also include Vice President of Finance at Dow Jones, where he managed financial operations across nine business units, and CFO at Travel Leaders Group, the largest travel agency company in the US, overseeing financial operations for a network of more than 40,000 travel agents and $20 billion in annual gross billings.
Audacy Interim CEO and President Kelli Turner commented, “On behalf of the entire team, I would like to thank Rich for his contributions to Audacy. We are well positioned with the finance team in place.”
