O'KEEFE LEAVES CLEAR CHANNEL; MICHAELS IN CHARGE FOR NOW

Clear Channel Worldwide announced today that Radio President and COO Kenneth J. "Kenny" O'Keefe is retiring from the Company, effective June 30.

At this time, a successor has not been named, though Clear Channel Radio Chief Executive Officer Randy Michaels will assume O'Keefe's duties on an interim basis.

O'Keefe served as the President of Clear Channel Radio since its merger with AMFM Inc. in August 2000. Prior to that, he served as Chief Operating Officer of AMFM which, at the time, was the nation's largest radio broadcasting company, with over 400 stations, until it was acquired by Clear Channel.

The press release went on to state that "O'Keefe and Clear Channel Radio CEO Randy Michaels have worked together to shape the future of the Company's radio division. O'Keefe's primary role in the radio division since the merger has been to integrate the operations of Clear Channel Radio and AMFM into a seamless organization. In doing this he had to meld different cultures, different business practices, and different operating systems. He also simultaneously created a plan for the reorganization of the management of the radio division that has substantially been completed."

In other words, the dude did his job so well he eliminated the need for his own job, according to Michaels: "I am happy to report that Kenny has been extremely successful in achieving the goals we jointly set out at the time of the merger. Unfortunately, Kenny has been so successful in carrying out this task, that since most of the 'heavy lifting' is finished, he now sees an opportunity to move on and pursue
other personal goals.

"Kenny has had the really tough job in this merger. He was a key catalyst that allowed the merger to proceed as quickly and smoothly as it has. He was instrumental in closing the merger gap and I'll miss working with him."

O'Keefe added, "The success today of Clear Channel and the companies and stations which now comprise its radio operations is attributable to one factor and one factor only -- the incredible management, programming, operations, on-air, sales and marketing talent that we have been able to attract in the last 15 years. I'm very proud of everyone's accomplishments and look forward to participating in their continued success as a shareholder of Clear Channel Communications."

Just let us know where to forward your HITS subscription, Kenny.