iHeartMedia Announces Departure of Board Member Brad Gerstner

NEW YORK–(BUSINESS WIRE)–On April 1, 2025, iHeartMedia, Inc. (NASDAQ: IHRT) announced that Board member Brad Gerstner, founder and CEO of Altimeter Capital, will not seek re-election to the Board of Directors. Gerstner, who joined the board in 2019, is stepping down to focus on his commitments to Altimeter Capital and philanthropic activities.

During his tenure, Gerstner significantly contributed to iHeartMedia’s technology transitions and revenue strategies within the data-driven marketplace. iHeartMedia is aiming to leverage its stronghold in audio content, including live radio, podcasts, and talk shows, especially amid the burgeoning artificial intelligence landscape.

“When we began this journey together back in 2019, Brad was only able to promise us one term as a director due to his enormous commitments to Altimeter and its portfolio companies, and we’re grateful he gave us five terms,” said Bob Pittman, iHeartMedia CEO and Chairman. “He’s had a significant impact on iHeart’s success and our vision for the company’s direction.”

iHeartMedia has also nominated Robert Millard to stand for election at its 2025 Annual Meeting of Stockholders, scheduled for May 13. Millard is a well-respected executive, currently serving as a Director of Evercore and the Lead Director of L3Harris Technologies.

“We appreciate the opportunity to have Bob Millard bring his broad range of experience across business, finance, and strategic planning to the iHeart Board,” Pittman added. “We believe his critical thinking and insights will add unique benefits for our company and shareholders.”

Millard, who previously served as Chairman of the MIT Corporation and held senior roles at Lehman Brothers, is expected to begin his service on the board if elected.

“The longer I served on the iHeart Board the more excited I got about the power of audio,” Gerstner said at the announcement. “iHeart sits on an unparalleled goldmine of constantly refreshing audio data that will only become more valuable in the Age of AI.”

IHeartMedia is recognized as the leading audio company in America, with a vast reach of nine out of ten Americans every month, operating over 860 live stations in more than 160 markets.