David Sailer to
Assume Role effective March 1,
2024
Brian Coleman
to Transition to Consultant Role Focused on Strengthening Company's
Balance Sheet
Company Reaffirms Guidance for the Fourth
Quarter and Fiscal Year of 2023
SAN
ANTONIO, Dec. 19, 2023 /PRNewswire/ -- Clear
Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today
announced that David Sailer,
currently the Executive Vice President, Chief Financial Officer of
the Americas, has been appointed as Executive Vice President, Chief
Financial Officer of the Company, effective as of March 1, 2024. At that time, Mr. Sailer will
succeed Brian Coleman, who will
depart from his position as Executive Vice President, Chief
Financial Officer and will become a consultant to the Company. In
this role, Mr. Coleman will work with the Company's Board of
Directors, management team and financial advisors on strengthening
the Company's balance sheet. It is expected Mr. Coleman will remain
in his capacity as a consultant to the Company until April 15, 2025.
"We are excited for David to assume the role of CFO of Clear
Channel Outdoor Holdings, Inc." said Scott
Wells, Chief Executive Officer of the Company. "David is a
proven leader, not only overseeing the financial strategy and
operations of our America and Airports segments, but also
spearheading the work to optimize our portfolio, including the
divestitures of our European businesses. Looking ahead, his breadth
of experience across the Company will be instrumental for us as we
become a more focused, U.S.-centric out-of-home operator delivering
organic growth in Adjusted EBITDA and free cash flow. We are
grateful for Brian's significant contributions and leadership
during his long and successful tenure as CFO, and we look forward
to his ongoing partnership and expertise."
Mr. Sailer has been the Executive Vice President, Chief
Financial Officer of the Americas since August 2014 and also leads the Company's global
corporate development activities. Prior to joining the Company in
2013, he was the Chief Financial Officer of the NBC News Digital
Portfolio, his final position at NBC Universal in a thirteen-year
tenure that included leadership roles that progressively increased
in responsibility across a variety of news and digital properties.
Mr. Sailer earned a Master of Business Administration from
Fordham University and a Bachelor of
Finance and Professional Accounting from Montclair State University.
"I look forward to working more closely with Scott, the rest of
the management team and the Board as we continue to execute our
plan to streamline our business, concentrate on our domestic assets
and position our organization for growth and improved
profitability," said Mr. Sailer.
Mr. Coleman added, "David is an exceptional leader and will
seamlessly step into his new role. He has deep experience with our
financial strategy and across our corporate finance organization.
As a consultant, I look forward to continuing to support the
Company's initiatives to strengthen our balance sheet."
Additionally, the Company reaffirmed its previously issued
guidance for the fourth quarter and full year of 2023.
About Clear Channel Outdoor Holdings
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is at the
forefront of driving innovation in the out-of-home advertising
industry. Our dynamic advertising platform is broadening the pool
of advertisers using our medium through the expansion of digital
billboards and displays and the integration of data analytics and
programmatic capabilities that deliver measurable campaigns that
are simpler to buy. By leveraging the scale, reach and flexibility
of our diverse portfolio of assets, we connect advertisers with
millions of consumers every month across more than 330,000 print
and digital displays in 19 countries, excluding businesses held for
sale.
Cautionary Statement Concerning Forward-Looking
Statements
Certain statements in this press release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or
achievements of Clear Channel Outdoor Holdings, Inc. and its
subsidiaries (the "Company") to be materially different from any
future results, performance, achievements, guidance, goals and/or
targets expressed or implied by such forward-looking statements.
The words "guidance," "believe," "expect," "anticipate,"
"estimate," "forecast," "goals," "targets" and similar words and
expressions are intended to identify such forward-looking
statements. In addition, any statements that refer to expectations
or other characterizations of future events or circumstances, such
as statements about the CFO transition; our outlook, long-term
forecast, goals or targets; our business plans and strategies; our
expectations about the timing, closing, satisfaction of closing
conditions, use of proceeds and benefits of the sales of our
European businesses as well as expectations about certain markets
and strategic review processes; industry and market trends; and our
liquidity, are forward-looking statements. These statements
are not guarantees of future performance and are subject to certain
risks, uncertainties and other factors, some of which are beyond
our control and are difficult to predict.
Various risks that could cause future results to differ from
those expressed by the forward-looking statements included in this
press release include, but are not limited to: negative reaction of
our investors, our customers, our suppliers or our employees to our
CFO transition; the failure to obtain the expected benefits from
the CFO transition; the difficulty, cost and time required to
implement our strategy, including optimizing our portfolio, and the
fact that we may not realize the anticipated benefits therefrom;
the delay or failure to satisfy the conditions to divest our
business in Spain; the risk that
indemnities from certain transactional counterparties will not be
sufficient to insure us against the full amount of certain
liabilities; our inability to complete the sales of our
Europe-North segment businesses; our inability to complete any
strategic transaction with respect to our Latin American
businesses; the impact of future dispositions, acquisitions and
other strategic transactions; continued economic uncertainty, an
economic slowdown or a recession; financial and industry conditions
such as volatility in the U.S. and global banking market; our
ability to service our debt obligations and to fund our operations,
business strategy and capital expenditures; the impact of our
substantial indebtedness, including the effect of our leverage on
our financial position and earnings; the impact of our liquidity
strategy, including open market repurchases of outstanding notes;
our ability to obtain and renew key contracts with municipalities,
transit authorities and private landlords; competition;
technological changes and innovations; regulations and consumer
concerns regarding privacy and data protection; a breach of our
information security measures; legislative or regulatory
requirements; restrictions on out-of-home advertising of certain
products; environmental, health, safety and land use laws and
regulations, as well as various actual and proposed environmental,
social and governance policies and regulations; third-party claims
of intellectual property infringement, misappropriation or other
violation against us or our suppliers; the risk that indemnities
from iHeartMedia, Inc. will not be sufficient to insure us against
the full amount of certain liabilities; risks of doing business in
foreign countries, including the impact of geopolitical events such
as the wars in Ukraine and
Israel; fluctuations in exchange
rates and currency values; volatility of our stock price; the
impacts on our stock price as a result of future sales of common
stock, or the perception thereof, and dilution resulting from
additional capital raised through the sale of common stock or other
equity-linked instruments; our ability to continue to comply with
the applicable listing standards of the New York Stock Exchange;
the restrictions contained in the agreements governing our
indebtedness limiting our flexibility in operating our business;
the effect of analyst or credit ratings downgrades; our dependence
on our management team and other key individuals; continued
scrutiny and changing expectations from investors, lenders,
customers, government regulators and other stakeholders; and
certain other factors set forth in our other filings with the SEC.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date stated,
or if no date is stated, as of the date of this press release.
Other key risks are described in the section entitled "Item 1A.
Risk Factors" of the Company's reports filed with the SEC,
including the Company's Annual Report on Form 10-K for the year
ended December 31, 2022. The Company
does not undertake any obligation to publicly update or revise any
forward-looking statements because of new information, future
events or otherwise.
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SOURCE Clear Channel Outdoor Holdings, Inc.