(CelebrityAccess MediaWire) — Clear Channel Communications released a Form 8-K with the Securities and Exchange Commission on October 6th giving details of the separation agreement between Clear Channel Entertainment and President/CEO Brian Becker.
Moving one step closer to the final split from the company, Becker formally resigned from CCE on the agreement that he will be paid $925,000, and will be retained as a consultant for $1,000 per month until he exercises all of his stock options or October 8th, 2008, whichever comes first.
Becker left his post as CCE chief executive on April 29th after Clear Channel announced that CCE would be spun off into a separate entity headed by Randall Mays. Michael Rapino took the helm as CEO in August.
Becker will be subject to a non-compete agreement through April 29, 2006 under the separation agreement. –by CelebrityAccess Staff Writers