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Radio News (more headlines) 08-09-2001

Michaels Assembles Radio Team John Hogan COO, Jerry Kersting CFO

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Hogan President And Chief Operating Officer

Covington, KY, August 7, 2001…Clear Channel Radio Chief Executive Officer Randy Michaels today promoted veteran Clear Channel executive John Hogan to the second-in-command spot of the country's largest radio company. Hogan, a Clear Channel Senior Vice President, will assume the President and COO position of the radio division and work directly with Michaels in running the company's over 1,200 radio stations across all 50 states. Michaels and Hogan share a long history in the radio industry, having worked together for over 15 years. "John's the salesman I will never be," commented Michaels in making the announcement. "He has a sixth sense for finding new ways to drive sales and promotional programs, and is the most advanced executive in our business in developing partnerships that leverage our national footprint, utilize cross platform promotions and drive dollars to the top line. He's relentless, respected, and above all fair. I can't think of a more qualified person to sit in the office next to mine as we drive the radio division to the next level."

Hogan, who has overseen 15 Clear Channel Radio regions for the last two years including Los Angeles, Houston and Dallas, is ready for the challenge. "It's obviously a great opportunity to work with Randy and the strong team of senior managers in growing Clear Channel Radio. I'm also looking forward to working more closely with all of the Clear Channel markets"

Hogan continued, "Everything about traditional radio is changing, from the way programming is delivered to the way our advertising customers view radio as part of their total media buy. It's both exciting and challenging to be leading those changes for Clear Channel. Besides, my new office has a private bathroom AND I get to fly on Randy's plane."

Hogan replaces Kenny O'Keefe who retired from the Company June 30. Michaels had been handling both positions while searching for a new COO.

Kersting Chief Financial Officer

In a related announcement, Michaels named Jerome L. (Jerry) Kersting to Chief Financial Officer. Mr. Kersting, a graduate of Xavier University in Cincinnati, Ohio, has been in broadcasting since 1972, holding various positions during his career. Most recently he was Senior Vice President of Clear Channel where he was instrumental in the successful completion of Clear Channel's merger with both Jacor and AMFM. Jerry has the dubious distinction of completing more deals in radio, representing more stations and more dollars, than anyone else in the industry. In addition to the CFO responsibilities, he will also continue with his duties in corporate development.

Michaels commented, "Jerry and I have worked successfully together implementing the radio consolidation strategy and now, in his new position, will once again be more directly involved with the stations."

Both promotions are effective immediately.

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