As predicted, Cumulus CEO Mary Berner allowed CFO John Abbot to fall on his sword yesterday and leave the company.
No immediate replacement is being named.
All of this plus Cumulus’ increasing tendency to adjust revenue figures and “paint lipstick on a pig” has led to speculation that either Abbot won’t put up with it any longer and he resigned or Abbot wouldn’t put up with it any longer and his contract was not renewed.
In either case, investors should be prying their eyes wide open on this one because it means something more than just a personnel change.
In spite of Berner’s happy talk about Abbot no longer having to make the long commute to Atlanta, the real story is scary different.
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