More Like A Platinum Parachute

John Hogan ran iHeart radio (formerly known as Clear Channel) before stepping aside last year. It was rumored that he got a pretty hefty farewell handshake, but the actual details weren't released until yesterday. From Tom Taylor's NOW column...

The longtime head of Clear Channel radio retired in January 2014 as CEO Bob Pittman re-shaped and flattened the executive structure. A just-filed proxy statement at the SEC reveals how golden that goodbye handshake was – just $38,352 in Hogan’s 2014 salary (reflecting his January exit). But $5,312,531 in the grab-bag of “all other compensation.” That included $225,000 in “housing and related expenses,” covering his move from San Antonio to New York (to be near Pittman). And another $175,145 in “housing and related expenses tax gross-up” – meaning that the company made up for the taxes Hogan had to pay on his perks. (That’s what “gross-up” means.) Hogan shows $25,000 in “legal expenses.” That may be related to negotiating the exit package, where the really standout number is Hogan’s severance - $4,874,063. Part of Hogan’s total pay was $900,000 in deferred compensation from 2012.

Keep in mind that under Hogan, Clear Channel cut it's operations to a ridiculous staffing level barely able to keep stations on the air. But as long as he is taken care of, everything is fine.