iHeartMedia’s two top executives will remain in place for at least the next four years. The company disclosed in an SEC filing that Chairman and Chief Executive Officer Bob Pittman and President/Chief Operating Officer/Chief Financial Officer Rich Bressler have signed contract amendments extending their employment agreements through Dec. 31, 2029. Their previous deals were set to expire in 2026.
The extensions not only lengthen their tenure but also adjust several key terms. Equity awards granted at least six months before a qualifying retirement will now remain outstanding and continue to vest on their original schedules. For performance-based awards, vesting will be tied to actual results rather than projections. The move is designed to provide added flexibility and incentive for the company’s senior leadership team.
In addition, Bressler’s agreement was modified to bring his severance benefits in line with Pittman’s. His cash severance multiplier rises from 1.5x to 2x in the event of a qualifying termination, ensuring both executives are treated equally in terms of exit compensation.
Pittman and Bressler have guided iHeartMedia through a decade of transformation since the company emerged from bankruptcy in 2019. Pittman, who joined in 2010, has been credited with repositioning iHeart as a multiplatform audio company with leadership in broadcast radio, digital streaming, and podcasting. Bressler, who arrived in 2013, has served as Pittman’s close partner in driving financial strategy, managing operations, and executing cost discipline amid changing market conditions.
The duo has overseen iHeart’s aggressive push into podcasting, where it has consistently ranked as the industry’s largest publisher, as well as its continued dominance in broadcast radio. They also led the company through the pandemic downturn and more recent waves of industry restructuring, while expanding iHeart’s digital advertising and events businesses.
By locking in its top leadership through the end of the decade, iHeart signals stability to investors and advertisers at a time when the broader media landscape faces economic headwinds and competitive disruption.