iHeartMedia has locked in its top leadership through the end of the decade. The company confirmed Chairman and CEO Bob Pittman and President/COO Rich Bressler have each signed amended agreements, while addressing the potential of retirement plans.
The amendments, filed with the SEC, replace the original terms with a new expiration date on December 31, 2029, and stipulate that unless extended by October 1, 2029, both contracts will automatically conclude at year’s end. All other provisions of their agreements remain in effect unless specifically modified.
Pittman’s amendment addresses retirement and aircraft usage.
Under the agreement, iHeart has set a framework with Pittman, 71, for a “Retirement Termination” beginning on or after December 31, 2029, requiring 60 days’ notice. At retirement, Pittman would receive unpaid base salary, earned bonuses – including for 2029, and benefit payments. Equity awards granted at least six months before retirement would continue vesting on schedule or remain eligible based on performance goals.
Company policy also now requires him to use corporate aircraft for certain non-business travel when deemed necessary for security.
Bressler’s amendment tracks many of those provisions, while adding several new clauses. Personal use of company aircraft is now capped at $250,000 annually, with any amount above that subject to reimbursement in line with company policy and SEC standards. His agreement also clarifies an 18-month post-employment restriction on soliciting clients, employees, or vendors.
Updates to his “Good Reason” resignation clause include a 30-day notice window, a 15-business-day cure period, and a 10-day post-cure deadline to depart.
If Bressler exits under those conditions, he would receive two years’ base salary and target bonus in installments, COBRA premium reimbursements for 18 months, and a prorated performance bonus, contingent on signing and not revoking a release within 60 days of termination. His retirement clause mirrors Pittman’s in structure and entitlements.
The extensions follow iHeartMedia’s March 2022 second amended employment agreements.
The extensions come after iHeartMedia posted Q2 revenue of $937 million, up 0.5% year-over-year and 1.5% excluding political. Digital audio climbed 13.4% to $324 million, fueled by a 28.5% surge in podcasting, while non-podcast digital rose 4.7%.
This story has some irony and humor. Pittman hasn’t made one dime in profit for IHeart… not a dime… since he became the boss 13 years ago. He has laid of thousands of iHeart employees. The company went bankrupt and still owes billions. Yet, Bob is focused on the golden parachute for him and Bressler. It is just amazing that investors and the Board have gone along with Bob for years. Gotta hand it to him, he’s a heckuva salesman lol.
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