- Push-out Score suggests push-out forces
- After around seven years on the job
- Bill Wilson and Dhruv Prasad taking over
- Price will remain as Executive Chairman at Townsquare
- Price made a lengthy statement and said 66 words
(exechange) — Greenwich, Connecticut, October 16, 2017 — Steven Price, chief executive of Townsquare, leaves the position. It is an abrupt change. As announced by Townsquare Media, Inc. in a news release on Monday, October 16, 2017, Steven Price leaves the post as Chief Executive Officer at the radio network company after around seven years on the job, effective immediately.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 9 years, according to data compiled by exechange.
Price’s duties are taken over by Bill Wilson and Dhruv Prasad, most recently Executive Vice President and Chief Content & Digital Officer (Wilson) and Executive Vice President, Live Events (Prasad) at Townsquare Media, Inc.
Price’s move is part of a management shake-up also involving the position of Chief Operating Officer, Local Media.
No reason given
In the announcement, Townsquare did not explicitly explain the obviously compelling reason for Price’s sudden move, leaving room for speculation.
Price will remain as Executive Chairman at Townsquare
“Steven Price, Townsquare’s founder and current Chief Executive Officer, will transition to a new role of Executive Chairman of the Board,” Townsquare said.
Generally speaking, it is often an alarm signal for shareholders when a CEO leaves the post abruptly and without an understandable explanation.
On the job as CEO since 2010
Price served as Chief Executive Officer of Townsquare Media, Inc. since May 2, 2010.
Price founded Townsquare in May 2010 and served as Chairman and Chief Executive Officer of the Company.
Prior to founding Townsquare in 2010, Price was Senior Managing Director at Centerbridge Partners, a private equity firm, where he led the firm’s investment efforts in telecom, technology and media.
Before that, he held a similar position at Spectrum Equity Investors.
From 2001-2004, Price served as Deputy Assistant Secretary of Defense (Spectrum, Space and Communications), for which he was awarded the Secretary of Defense Medal for Outstanding Public Service.
Price was formerly the President and Chief Executive Officer of LiveWire Ventures, a software and services company he founded in 1998, and the President and Chief Executive Officer of PriCellular Corporation, a publicly traded cellular telephone operator.
Earlier in his career, Price worked as an attorney at Davis, Polk & Wardwell and as an investment banker at Goldman Sachs. Price graduated magna cum laude from Brown University, where he was elected to Phi Beta Kappa, and earned a J.D. from Columbia University School of Law.
He is co-owner and Alternative Governor of the Atlanta Hawks and serves as an Adjunct Professor of Marketing at Columbia Business School.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Steven Price’s sudden move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 43.2017 ($).