#Audacy CEO David Field Steps Down

Five months after the radio and podcast giant Audacy emerged from Chapter 11 bankruptcy and a financial restructuring, its CEO and president David Field is stepping down.

“I am writing to share the news that I am stepping down from my role as the CEO and President of Audacy effective today,” Field wrote in a memo to staff on Wednesday. “One of our Board members, Kelli Turner, will be taking over my duties on an interim basis while the company conducts a search for a new permanent leader.”

Audacy, home to SoCal mainstays like KROQ, KRTH 101 and 100.3 Jack FM as well as WINS-FM in New York and many other stations, had filed for bankruptcy last January as it navigates a transition of consumer habits from linear radio to podcasting and streaming audio. It backs popular titles like Office Ladies, The goop Podcast and TV show adjacent titles like The Severance Podcast as it has diversified its offerings.

As part of its financial restructuring to eliminate debt, Audacy is planning to become a private company after previously trading on the New York Stock Exchange.

Field’s full note to employees is below:

I am writing to share the news that I am stepping down from my role as the CEO and President of Audacy effective today. One of our Board members, Kelli Turner, will be taking over my duties on an interim basis while the company conducts a search for a new permanent leader. Kelli is an accomplished leader with a wealth of experience, and I am confident that she will provide strong leadership for Audacy during this transition period. I will also become a Special Advisor to the CEO and Board of Directors and look forward to serving Audacy in this new role.

We put out a press release announcing the news this morning, which you can read here.

When I started at Audacy (then Entercom), we had $10 million in revenues with ten niche radio stations. Today, we are a $1.2 billion, multi-platform audio leader with one of the country’s two scaled radio broadcast groups, one of the largest podcast networks, the unrivaled leader in sports audio, and so much more.

The past few years have been difficult as we have faced the secular headwinds impacting virtually all media companies. Together, we completed a highly effective restructuring, emerging strong, healthy and well-positioned for the future.

We emerged from our restructuring last September with the industry’s strongest balance sheet. At the same time, we delivered industry-leading growth with EBITDA up roughly 70% through the third quarter of 2024, driven by significant revenue share gains across both our radio and digital businesses. I am also proud to note that we did all this while staying true to our values and serving our listeners and customers without disruption.

It has been 27 years since I took the helm at Audacy. With the company now in a strong competitive and financial position and building on a year of industry-leading growth, it is the optimal time to pass the baton to new leadership and for me to move on to pursue new goals and challenges.

I am deeply proud of our wonderful team and everything we have accomplished. All of the great work we do makes a meaningful difference for our listeners, customers, partners, and communities. The company has a deep pool of talent and is in great hands going into the future.

I will dearly miss working every day at this special company and being a part of this outstanding team of quality individuals. It has been a true honor to serve you over all of these years. I look forward to continuing to contribute to Audacy in my new role.

With great respect, appreciation, and all best wishes for the chapters ahead,

David