Clear Channel Outdoor has added a new board member. Here is the press release together with SignValue’s analysis.
SAN ANTONIO, Sept. 30, 2024 /PRNewswire/ — Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) today announced the appointment of Tim Jones to its Board of Directors (the “Board”), effective immediately. Mr. Jones will serve as an independent director and will be a member of the Audit Committee and the Compensation Committee of the Board. With this appointment, the Board expands to eleven members, ten of whom are independent.
“As a seasoned business leader with significant advertising and digital marketing experience, Tim will be a great addition to the Board,” said W. Benjamin Moreland, Chairman of the Board. “His proven track record in strategy and management are a great fit for the Company as we continue to execute on delivering on our strategic roadmap, including monetizing our technology and broadening our revenue streams in our higher-margin U.S. assets. His appointment will enhance the composition of our Board, and we expect to benefit from his perspective, industry experience and leadership skills. On behalf of the whole Board, we welcome Tim and look forward to his insights and contributions.”
“I am honored to join the Board of Clear Channel Outdoor,” said Mr. Jones. “I look forward to working alongside my fellow directors and bringing my experience to advance the Company’s strategy.”
Tim Jones has over three decades of advertising experience and broad business and management experience. Mr. Jones served as the Chief Operating Officer (U.S. Marketing Services) of Publicis Groupe, a leading multinational advertising and communications group, from January 2021 to December 2023. At Publicis, Mr. Jones led the creative, digital experience, media and health businesses and was responsible for the financial and operational oversight of the company, multiple acquisitions and integrations and new business and organic growth opportunities. He previously served as the Chief Executive Officer of Publicis Media U.S. / Americas from March 2016 to December 2020. Prior to this role, Mr. Jones served as Chief Executive Officer (North America) of ZenithOptimedia Group, a large global media agency network of Publicis Groupe.
About Clear Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is at the forefront of driving innovation in the out-of-home advertising industry. Our dynamic advertising platform is broadening the pool of advertisers using our medium through the expansion of digital billboards and displays and the integration of data analytics and programmatic capabilities that deliver measurable campaigns that are simpler to buy. By leveraging the scale, reach and flexibility of our diverse portfolio of assets, we connect advertisers with millions of consumers every month.
SignValue’s take: Clear Channel Outdoor has the lowest cashflow margin of any US public out of home company. Adding an ad agency exec to the board will not improve margins. We wish they had added someone with out of home experience. Clear Channel Outdoor was run by an ad agency exec – William Eccleshare – for most of the past decade. We know how that turned out…If you have questions contact Paul Wright, CEO, SignValue, paul@signvalue.com, 480-657-8400.
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