As expected since last Summer, Mark Mays stepped down on March 31 from his operating role as CEO and President of CC Media Holdings, though he remains as Chairman of the Board. Today Clear Channel says it is "has been actively searching for a replacement host, but to date has not identified a permanent successor." Now, much as Tribune did after the exit of CEO Randy Michaels, it says the company will be temporarily managed by an Office of the President. In the case of Clear Channel, those executives are both fairly new to the company.

Current Executive VP and Chief Financial Officer Tom Casey will share the operating responsibilities with EVP and General Counsel Robert Walls. Before joining Clear Channel over a year ago, Casey was the EVP/CFO of Washington Mutual and a financial executive at GE. Walls co-founded Post Oak Energy Capital after serving as EVP and general counsel of Enron from 2002-2005.