Randall Mays is stepping down as president and CFO of Clear Channel. The change comes a year after the radio and outdoor giant was acquired by Bain Capital and Thomas H. Lee Partners in a $24 billion deal that has left the company with crippling debt of more than $21 billion.

Mays will remain with the company as vice chairman and a member of the board of directors through 2013.

Read more at the Hollywood Reporter. [1]