Mays steps down as Clear Channel chief

Mark Mays, chief executive of CC Media Holdings, is to step down by the end of 2010, ending the founding Mays family's executive control of the largest US radio company.

Mays, 46, announced his departure in a company memorandum late on June 22. The company has hired Egon Zehnder International, an executive search firm, to find a replacement. Mays, who will remain as chairman, said the decision was made "amicably" with the private equity financial sponsors of the company, Bain and Thomas H Lee.