In a filing with the SEC, Audacy has revealed that it has signed Executive Vice President and Chief Operating Officer Susan Larkin to a three year contract extension.
The new contract runs through May 4, 2026 with automatic one-year renewals unless either party provides prior notice of non-extension. Under the terms of the agreement shared with the Securities & Exchanges Commission, Larking will receive an annual base salary of $775,000, $800,000 and $825,000 during the three years of the deal. She is also eligible for an annual cash performance bonus as determined at the discretion of the Compensation Committee of the Board based on its review of the Company’s performance and Ms. Larkin’s performance for the year as well as future equity compensation with an aggregate annual target amount of $500,000, or such other amount as determined.
Larkin joined then-Entercom in July 2017 as a Regional Vice President. Upon closing of the acquisition of CBS Radio later that year she served as Market Manager for San Francisco before moving to New York City in April 2018. She rose to her current role in May 2020. Prior to joining Audacy, Larkin spent nine years as Market Manager for Cox Media Orlando and two years as Regional VP for Jacksonville and Orlando. She has also served as General Sales Manager for ABC Radio Minneapolis and National Sales Manager for Jacor Columbus OH during her career.
The SEC filing also notes that Monique Nelson has resigned from Audacy’s Board of Directors due to time constraints. With her departure, the board elected to decrease the number of board members from nine to eight with Sean Creamer being upped to Class A director to fill the vacancy. The board also amended the annual equity compensation for the board members from an annual grant of $120,000 in shares of restricted stock units to a one-time cash payment of $100,000.