Bob's Links and Rants

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Wednesday, December 18, 2002

At Clear Channel Communications, the nation's largest radio chain, only one of the five people on its compensation committee is free of potential conflicts. The committee has retained indeed, sweetened pay packages that guaranteed raises for the chairman, L. Lowry Mays, and his two sons, regardless of company performance. The sons have severance agreements that entitle them to 14 years of salary, bonuses, benefits and stock options if they quit because the board fails to choose one of them to succeed their father as chief executive. Clear Channel said the committee met existing federal guidelines for independence. -- from the NY Times. Of course, if Clear Channel hadn't practically monopolized the radio business they might need to put their money into areas more productive than guaranteeing that the CEO's vile offspring are multi-millionaires for life. And, if they had competition, that competition could be talking about this nonsense night and day.