Air America CEO Jumps Ship

April 6th, 2006 8:39 AM
The implosion of Air America continues as its CEO jumps ship. Brian Maloney at Radio Equalizer has the details.
After just over a year at the helm of financially troubled liberal radio network Air America, CEO Danny Goldberg is on his way out. Still unclear is who, if anyone, will replace him as top dog.

The changes take effect Friday, April 7, according to an internal source.

Goldberg, a former record label executive overseeing rap, hip hop and pop acts, joined the ailing network in early 2005.

He's also a partisan activist and lefty book author, contributing to many ultra-liberal politicians, including embattled Congresswoman Cynthia McKinney (D-GA).

While exiting day-to-day operations at Air America, Goldberg will continue in a minor, contractually-based role, working one day a week from home. Through the end of 2006, he'll be paid $400,000 on an annualized basis for his temporary role as "Vice-Chair".

In addition, he'll receive $400,000 in deferred compensation covering 2005, $100,000 to cover 2006 travel and entertainment, plus ongoing clerical support. An initial share award representing 2% of the company will now become fully vested.

That sounds like a big executive compensation package, the kind Air America hosts love to repudiate.

Maloney says tensions are running high at Air America and that the network is always in need of cash infusions to stay afloat. Sounds like a government program.