iHeartMedia CFO, COO relinquishes finance chief responsibilities

Group 1 - iHeartMedia has promoted Michael McGuinness to CFO, effective January 1, succeeding Richard Bressler, who will retain his roles as COO and president [8] - McGuinness's annual base salary will be $1.2 million, with a target bonus opportunity increased to 150% of his salary and a long-term incentive award valued at $1.5 million [6] - The company is on track to achieve net cost savings of $150 million by the end of the year, with an additional $50 million in annual savings targeted starting in 2026 [7] Group 2 - The appointment of McGuinness as CFO contrasts with a trend of companies merging CFO and COO roles, as seen with Salesforce and PayPal [3] - The combination of CFO and COO roles can depend on executive personalities and company culture, as noted by Scott Roe during a panel discussion [4] - McGuinness joined iHeartMedia in September 2019, previously holding positions at Hain Celestial Group and Monster [5]