Clear Channel President, CFO Steps Down

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The financially-shaky Clear Channel Communications is now bidding adieu to president and chief financial officer Randall Mays.

The development was announced internally on Tuesday, and is now being widely reported across a number of major outlets.

Randall is one of the sons of Clear Channel founder Lowry Mays, and brother of current chief executive Mark Mays, who will now assume stripes as president as well.  Randall is stepping into the softer vice chairman role, and will retain a board seat at the company.

The development is the latest in a string of departures, as Clear Channel struggles to handle a massive debt load.  The heavily-leveraged Clear Channel was purchased by private equity duo Bain Capital LLC and Thomas H. Lee Partners LP for $24 billion, a price tag that has now become an albatross.  According to one insider close to the company, Clear Channel now faces the distinct possibility of defaulting on its debt obligations.  The company has recently weathered double-digit quarterly declines in radio advertising revenues.

Report by Alexandra Osorio.