Clear Channel's Randall Mays resigning

Mays, president and CFO, will remain on the board

NEW YORK -- Randall Mays is stepping down as president and CFO of Clear Channel. The change comes a year after the radio and outdoor giant was acquired by Bain Capital and Thomas H. Lee Partners in a $24 billion deal that has left the company with crippling debt of more than $21 billion.

Mays will remain with the company as vice chairman and a member of the board of directors through 2013. His brother, CEO Mark Mays, will assume the role of president. No replacement for the CFO position was named.

The news of Mays' resignation came via an internal memo to employees Tuesday from his brother, who together with their father built Clear Channel into the nation's largest radio group. The memo was leaked to the New York Times.

"It's important to know that Randall will go on serving our company at the highest level," Mark Mays wrote. "He will remain a director of the company, his office will remain next to mine, and he will continue to be invaluable in helping us steer the strategic direction of Clear Channel."

According to the Wall Street Journal, Randall Mays' salary will be substantially reduced.

The company since January has been focused on restructuring its operations in order to improve its balance sheet. Radio revenue fell 21% in the second quarter; outdoor dropped 24%.