Clear Channel Radio CEO Randy Michaels is changing jobs, and he will head up the
company's new technology division, which includes interactive, wireless and
broadband satellite.
The announcement ame as a surprise, and the company gave no reason for
making the switch. In Michaels' absence, the company's chief operating officer,
John Hogan, will handle his responsibilities and may be his replacement.
In past months, Clear Channel Communications Inc. has been accused of committing an array of
misdeeds, including indecency, monopolistic practices and making regional
programming seem local.
Rep. Howard Berman (D-Calif.) has called for a federal investigation of the
company, while Sen. Russell Feingold (D-Wis.) has introduced legislation
implicitly aimed at its concert-promoting business.
Clear Channel announces its second-quarter earnings Wednesday, one week
earlier than the company had originally scheduled. Like many other companies,
Clear Channel's stock is way down, trading at $22.86 per share at midday Tuesday. The
stock's 52-week high is $61.99.
