Clear Channel Media + Entertainment stresses the firm will remain headquartered in San Antonio, despite the move of the company's CEO to New York City, 1200 WOAI news reports.
That is good news for a city which is still feeling the impact of the decision by AT&T to move its corporate headquarters out of San Antonio to Dallas in 2008.
Clear Channel announced in an SEC filing that John Hogan, who has been CEO of the firm since 2012, will move from San Antonio to New York. That places the CEO closer to the Boston headquarters of two private equity firms which hold a controlling interest in Clear Channel, Thomas H. Lee Partners and Bain Capital Management.
"This will have no impact on Clear Channel's continuing corporate presence in San Antonio, and with regard to CCME, we have offices in both locations," Wendy Goldberg, Clear Channel's Executive Vice President and Chief Communications Officer, told 1200 WOAI news.
What was then called Clear Channel Communications was founded in San Antonio in 1975 by investment banker L. Lowry Mays and Red McCombs. But the last member of the San Antonio Mays family gave up operational authority with the company early this year, when Mark Mays retired as Chairman of the Board, although he retains his board seat.
Clear Channel Media Holdings, the parent firm of CCME, remains headquartered in San Antonio. It is headed by CEO Bob Pittman.