A member of the Board of Directors at iHeartMedia will be concluding his service, a SEC filing shows. Who will succeed Brad Gerstner? That will be up to shareholders to decide at the company’s annual stockholder meeting on May 13.
Gerstner, who is the founder and CEO of Altimeter Capital, has served on the board since 2019. He originally committed to a single term, yet extended his service to five. Gerstner’s departure is attributed to increasing professional and philanthropic commitments.
With Gerstner’s departure, iHeartMedia’s Board of Directors has nominated Robert Millard for election. He’s currently a Director at Evercore and the Lead Director at L3Harris Technologies. He has previously served as Chairman of the MIT Corporation and the MIT Investment Management Company.
Commenting on Gerstner’s exit, iHeartMedia CEO and Board Chairman Bob Pittman said, “We appreciate all the contributions [Gerstner] made during that time, especially his experience and view of technology and the future – which helped us determine how to make the technology transitions we needed to maximize our revenue opportunities in an increasingly data-focused and technology-led marketplace. He’s had a significant impact on iHeart’s success and our vision for the company’s direction.”
Speaking of Millard, Pittman shared, “We appreciate the opportunity to have Bob bring his broad range of experience across business, finance and strategic planning to the iHeart Board. We believe his critical thinking and insights, combined with his long experience as an investor, will add important and unique benefits for our company and our shareholders, and will contribute significantly to positioning iHeart for continued growth.”
Whether or not shareholders agree will become known in six weeks.
