David Field has resigned as the president and chief executive of Audacy, one of the largest commercial AM/FM radio broadcast companies in the United States.
The decision caps a 27-year career as Audacy’s top executive; the board of the company has appointed Kelli Turner as interim president and CEO while a search for Field’s successor takes place.
Field has overseen a number of business transitions at Audacy, the company formerly known as Entercom, including its blockbuster merger with CBS Radio and its subsequent bankruptcy a few years later.
Last year, Field wrote in a memo that Audacy had emerged from bankruptcy “with the industry’s strongest balance sheet,” but the company’s woes continued to plague it as Audacy was twice delisted from the New York Stock Exchange after failing to keep its per-share price above $1, the minimum required threshold for public trading on the exchange.
“Since I joined Audacy, then Entercom, we have grown from $10 million in revenues with ten niche radio stations into a $1.2 billion, multi-platform audio leader with one of the country’s two scaled radio broadcast groups, one of the largest podcast networks and the unrivaled top position in sports audio,” Field said in a statement on Wednesday. “Audacy recently completed a very successful 2024, delivering industry-leading EBITDA growth of more than 70 percent through the third quarter and significant revenue share gains across our radio and digital businesses.”
Field said Audacy’s current financial position made it “the optimal time to pass the baton to new leadership.”
“I am deeply proud of our extraordinary team and everything we have accomplished for our listeners, customers, partners, and communities,” Field wrote. “The company is in great hands, and I look forward to seeing the next chapter of Audacy’s success.”
“David has left an indelible mark on the industry, growing Audacy from a few small radio stations into a scaled multi-platform audio content and entertainment powerhouse,” Michael Del Nin, the Chairman of the Audacy board, said on Wednesday. “He has built a great company with leading positions across the country’s largest markets and an outstanding portfolio of exclusive, premium audio content. Under David’s dedicated leadership, Audacy has been positioned for long-term success, and we look forward to working with Kelli and the entire team as the company begins its next exciting chapter.”
