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CUMULUS NEWS RELEASE MAY 15, 2000 CUMULUS NAMES NEW CFO, GAUSVIK
WAS FORMER JACOR VP FINANCE & CONTROLLER
New York, NY May 15, 2000 – Cumulus Media Inc. (NASDAQ:CMLS) today announced the appointment of Martin R. Gausvik as Executive Vice President, Treasurer and Chief Financial Officer effective May 29, 2000. A 16-year veteran of the radio industry, Gausvik (43) served as Vice President Finance for Jacor Communications (NASDAQ:JCOR) from 1996 until the merger of the 250 radio station group with Clear Channel Communications (NYSE:CCU) in May 1999. More recently, he was Executive Vice President and Chief Financial Officer of Latin Communications Group, operators of 17 radio stations serving major markets in the Western U.S. Prior to joining Jacor, from 1984 to 1996, Gausvik held various accounting and financial positions with Taft Broadcasting and including Controller of Taft’s successor company, Citicasters. As CFO of Cumulus Media, Gausvik assumes the operating financial role as CFO in Cumulus Broadcasting in addition to expanded responsibilities as the Company’s Senior financial officer. He will oversee the Company’s audit process, corporate reporting systems and corporate finance functions. “With his vast industry and financial expertise, and his familiarity with large radio broadcasting companies in particular, Marty will further ensure Cumulus completes its previously announced acquisitions and will help position the Company for success in the future,” said Richard Weening, Executive Chairman, who introduced Gausvik during the Company’s quarterly earnings conference call. “He is well known for his integrity, diligence and professionalism. Marty is a strong addition to our executive management team.” Gausvik will operate from Cumulus’ headquarters in Milwaukee, WI.
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