SAN ANTONIO, Feb. 1, 2024 /PRNewswire/ — Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) today announced the appointment of Ted White to its Board of Directors (the “Board”) as part of the Company’s Cooperation Agreement with Legion Partners Asset Management, LLC (together with its affiliates, “Legion”). Mr. White will immediately join the Board and will stand for election as part of the Company’s director slate at its 2024 Annual Meeting of Stockholders. Additionally, the Nominating and Corporate Governance Committee of the Board, as part of its normal Board recruitment process, will identify and appoint a new independent director with out-of-home industry experience to the Board by the end of the third quarter of 2024, with the Board not to exceed 10 members after such appointment.
“We are pleased that our constructive dialogue with Legion has resulted in the appointment of Ted White to the Company’s Board,” said W. Benjamin Moreland, Chairman of the Board. “We look forward to benefitting from Ted’s transactional and capital markets expertise while we continue to engage with all stockholders to drive incremental value, as we aim to capture the out-of-home opportunity in the U.S. and as we continue to execute on our plan to streamline our business, including the ongoing sales process for our Europe-North segment and the strategic review of our businesses in Latin America.”
“I have long admired Clear Channel Outdoor’s leadership position in the out-of-home market and look forward to supporting the Company’s continued evolution as both a significant investor and now a director,” said Mr. White, a Legion co-founder and Managing Director. “I am excited to join Clear Channel’s Board and help the management team drive enhanced stockholder returns.”
Pursuant to the Cooperation Agreement, Legion has agreed to customary standstill and voting commitments. The full Cooperation Agreement among the Company and Legion will be filed on a Form 8-K with the U.S. Securities and Exchange Commission (the “SEC”).
About Ted White
Ted White is co-founder, Chief Compliance Officer and a Managing Director of Legion Partners Asset Management, an institutional asset management firm specializing in deep fundamental research and concentrated long-term equity investing. Prior to founding Legion, Mr. White served in various functions with Knight Vinke Asset Management, a European based investment management firm. Positions included Managing Director and Chief Operating Officer, where he was responsible for finance, operations, legal, marketing and client service functions. He is a former Deputy Director of the Council of Institutional Investors (CII), where responsibilities included policy development and implementation. Earlier in his career, Mr. White was a Portfolio Manager, Director of Corporate Governance, for the California Public Employees’ Retirement System, where he was responsible for all components of its Governance Program, including oversight of $3 billion in actively managed funds, policy development and implementation, proxy voting and focused engagement activities.
Mr. White earned an MBA from California State University in Sacramento with a concentration in finance. He is also a Chartered Financial Analyst Charterholder.
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 across more than 330,000 print and digital displays in 19 countries, excluding businesses held for sale.
About Legion Partners
Legion Partners is an activist investment manager based in Los Angeles, CA, focused on U.S. small-cap companies. Legion Partners seeks to generate attractive long-term returns employing deep fundamental research, a concentrated portfolio and responsible, collaborative engagement as a catalyst for value creation. Founded in 2012, Legion Partners takes a value-driven approach to managing a high-conviction portfolio on behalf of sophisticated institutional and individual investors. Learn more at www.legionpartners.com.
Billboard Insider’s Take: Glad to see that Legion has a board seat and that Clear Channel Outdoor will be adding another independent board member with out of home experience. Legion has been urging Clear Channel to move faster and think bigger on asset sales. No company insider is going to want to do that without prodding because their salary is a function of how large Clear Channel Outdoor is.
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