Clear Channel Prexy Steps Down

Clear Channel Communications president and CFO Randall Mays is stepping down, according to an internal memo obtained by the Wall Street Journal.

Mays’ position had become “less of a strategist job and more operational,” sources reportedly close to the matter told the paper.

Older brother Mark Mays, who holds title as CEO of the company, now takes on the title of president as well.

Randall Mays is expected to stay on as vice chairman of the privatized CCC at least through 2013, when his contract is set to expire.

Both remain on LIve Nation’s board of directors.