Cumulus Media is moving to lock in executive stability as it works through its Chapter 11 reorganization. The company has reached tentative agreements with CEO Mary Berner and CFO Francisco Lopez-Balboa that will keep them in place as the top two executives at Cumulus during the bankruptcy process and through the end of the year.
Court documents related to the reorganization detail amended employment agreements for both executives, linking their continued roles to the company’s emergence from bankruptcy. If approved, the agreements would take effect once the court confirms the plan.
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