J.P. Hannan, senior vice president, treasurer and chief financial officer of cash-strapped radio giant Cumulus Media, has vacated his position at the Atlanta-based broadcaster after six years.
Industry trade publication Radio Ink reports that Hannan, who first joined Cumulus in 2008 as vice president and controller, has left Cumulus “to pursue other interests.” He will now be succeeded by John Abbot, who fills the CFO slot on July 1.
Abbot joins Cumulus from data center industry tech provider Telx Holdings Inc., where he served as CFO. Prior to that he was CFO of cable television company Insight Communications. That company was sold to Time Warner Cable in 2012 for $3 billion.
Cumulus Media is the second largest radio operator in the U.S. The radio giant in 2015 posted a net loss of $546.5 million, with debt standing at $2.4 billion. The Atlanta Business Chronicle in April reported that Cumulus had previously attempted to persuade Hannan to stay on board.
Radio Ink reports that Hannan, who was previously CFO of Modern Luxury Media and held COO and CFO stints at Lambert Television, Inc., will assist with the company’s leadership transition over the course of the next several months.
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