SAN ANTONIO - Clear Channel Outdoor (NYSE:CCO) Holdings, Inc. (NYSE:CCO), a leader in out-of-home advertising, announced Thursday the appointment of Ted White to its Board of Directors, in line with a Cooperation Agreement with Legion Partners Asset Management, LLC. White, a co-founder and Managing Director at Legion, will also stand for election at the company's 2024 Annual Meeting of Stockholders.
The Board, through its Nominating and Corporate Governance Committee, intends to appoint another independent director with industry expertise by the end of Q3 2024. This move is part of Clear Channel's ongoing efforts to enhance its governance structure and strategic oversight. The Board is set to maintain a maximum of ten members following the new appointment.
Chairman W. Benjamin Moreland expressed confidence that White's expertise in transactions and capital markets would contribute to the company's growth and value for shareholders. Moreland also highlighted the company's focus on capitalizing on the U.S. out-of-home market and streamlining operations, including the sale of its Europe-North segment and reviewing its Latin American businesses.
Ted White, with an extensive background in investment management and corporate governance, shared his enthusiasm for joining the Board and aiding in the company's continued evolution and shareholder value enhancement.
In accordance with the Cooperation Agreement, Legion has agreed to customary standstill and voting commitments. Clear Channel will file the full details of the agreement with the U.S. Securities and Exchange Commission.
This announcement comes as Clear Channel Outdoor Holdings continues to innovate in the advertising sector, expanding digital billboards and integrating data analytics and programmatic capabilities. The company operates a broad advertising platform with a reach of millions each month across multiple countries.
The information in this article is based on a press release statement.
InvestingPro Insights
As Clear Channel Outdoor Holdings, Inc. (CCO) embarks on a strategic enhancement of its governance structure, it's crucial for investors to be aware of the company's financial health and market performance. According to real-time data from InvestingPro, CCO has a market capitalization of $830.78M, which provides a sense of the company's size in the out-of-home advertising industry. Despite a positive revenue growth of 15.03% over the last twelve months as of Q3 2023, indicating an expanding business, the company faces challenges with a negative P/E ratio of -3.59, reflecting investor concerns about future earnings.
Investors should note that the company's stock price movements have been quite volatile, which could be a risk factor for those seeking stability. Additionally, with a significant debt burden and a cash burn that is quickly depleting its reserves, Clear Channel's short-term obligations currently exceed its liquid assets. These InvestingPro Tips suggest that potential investors should be cautious and consider the company's financial obligations and cash flow when evaluating its stock.
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