iHeartMedia has announced that Executive Vice President of Finance and Deputy Chief Financial Officer Mike McGuinness will be promoted to Chief Financial Officer effective January 1, taking a set of C-Suite duties off the plate of Richard Bressler.
The news came in a Monday morning SEC filing.
The 48-year-old McGuinness has served as Executive Vice President of Finance and Deputy CFO since joining the company in 2019. His background includes senior finance positions at The Hain Celestial Group, where he was Senior Vice President, Chief Accounting Officer, and Treasurer from 2016 to 2019, as well as an eight-year tenure at Monster Worldwide that culminated in the Executive Vice President and CFO role.
McGuinness will report directly to Bressler, who has carried the CFO title since arriving at iHeart, then Clear Channel Communications, in 2013 from private equity firm Thomas H. Lee Partners. Bressler had previous CFO stints at media giants Time Warner and Viacom.
With this transition, Bressler can devote his full attention to leading operations at the nation’s largest radio broadcaster. iHeart extended his contract through December 31, 2029, earlier this year.
The promotion includes an updated employment agreement for McGuinness that runs through June 30, 2030. His compensation package features a $1.2 million base salary, annual bonus potential of 150% of base pay, and $1.5 million in yearly long-term incentive grants.
