Clear Channel International has restructured to create a new European unit to be led by Justin Cochrane, formerly the business's UK and Ireland chief.
Just one week into William Eccleshare's tenure as worldwide chief executive, he has formed a fourth regional unit (Europe) to sit alongside America, Latin America, and China.
Leading the European unit is UK veteran Cochrane, who will look to rally the out-of-home (OOH) advertising giant in Europe. Just after the group separated from parent iHeartMedia, Eccleshare is putting into play his plan to create a fully independent company.
Cochrane boasts 19 years’ experience at Clear Channel and now has overall responsibility for Europe’s overarching vision, mission and strategy. A particular cornerstone of this will be the significant digitisation of Clear Channel's holdings - allowing for more dynamic, targeted and real-time ads in high-footfall areas.
Eccleshare said: “We have reached an exciting point in CCOH’s (Clear Channel Outdoor Holdings) journey. As we emerge an independent organisation with the support of new shareholders and a new independent board, this is the perfect time to make changes to ensure that Clear Channel International’s (CCI) operating structure is right to deliver the next chapter.”
“I am delighted that Justin has accepted the position as the first European chief. Justin has been paramount in driving digital transformation and innovation in the UK and Ireland, which has led to strong financial growth in the market. I look forward to Justin continuing his success across the continent.”
Cochrane added: “With the establishment of a European region, we will be better positioned to harness the power of technology and accelerate our digital transformation. Outdoor is consistently outgrowing all other traditional advertising media, driven heavily by digital OOH, and this new structure gives us a strong platform to innovate and maintain our position as an industry leader. I am very much looking forward to taking on this new role and leading a great international team across our European markets, including the newly promoted senior leaders in the UK.”
Cochrane's move opened the UK's top positions. That has been shuffled so that chief revenue officer Richard Bon and chief investment officer Will Ramage operate as joint managing directors - both bringing forward a combined 40 years’ experience within Clear Channel. Additionally, chief commercial officer Chris Pelekanou has an extended remit for Europe-wide customer engagement and marketing director Martin Corke becomes chief marketing officer. The four report into Cochrane.
Industry experts anticipate an out of home market consolidation this year. The restructure and its new independence certainly better position the company for such a move.