Becker Finalizes CCE Split
Parent company Clear Channel Communications released a Form 8-K with the Securities and Exchange Commission October 6th detailing a separation agreement and general release.
As part of the pact, Becker formally resigned from his positions and Clear Channel agreed to pay the former chief $925,000 as well as retain him as a “consultant” for $1,000 per month until he either exercises all of his stock options or October, 8, 2008, whichever comes first.
Clear Channel announced April 29th that CCE would be spun off as a separate company and that Becker had left his post as CCE chief executive, to be replaced by Randall Mays. Global music chief Michael Rapino took over the reins as CEO in August.
Becker is subject to a non-compete covenant through April 29, 2006, under the separation agreement.
Clear Channel is expected to complete the spinoff of its live entertainment businesses, now operating under the temporary name CCE Spinco, by year’s end.