Farid Suleman
Encyclopedia
Farid Suleman has been the chairman and CEO
of Citadel Broadcasting
since March 2002. He previously spent 16 years working for Infinity Broadcasting Corporation
(now CBS Radio
), owned by Viacom
(now CBS Corporation
).
In late 2004, Suleman made headlines by cutting Howard Stern
's radio show from four Citadel stations, citing Stern's frequent discussions regarding his upcoming move to Sirius Satellite Radio
.
In 2007, he was nominated for the Group Executive of the Year award by Radio & Records
magazine. Other finalists included John Hogan of Clear Channel
, Peter Smyth of Greater Media
, David Field of Entercom, Lew Dickey of Cumulus
, and Don Benson of Lincoln Financial.
from February 1994 to February 2006, and Executive Vice President and CFO from February 1994 to March 2002. Suleman was also appointed to the positions of Senior Vice President and Chief Financial Officer
of the CBS Station Group in June 1997. In CBS, he was later named Senior Vice President, Finance in August 1998. He was Executive Vice President, Chief Financial Officer, Treasurer and a director of Infinity Broadcasting, one of the largest advertising companies in the United States, from September 1998 to February 2001 when Infinity was acquired by Viacom
. From February 2001 to February 2002, Mr. Suleman was appointed President and Chief Executive Officer of Infinity Broadcasting. As of April 2009, Suleman has been Chairman of the Board and Chief Executive Officer of Citadel Broadcasting since March 2002.
Many critics, most notably industry consultant Jerry Del Colliano, have been very critical of Suleman's management style. Despite assuming billions of dollars in debt, Suleman has been cited for only having an interest in trying to keep Citadel's bottom line numbers attractive. Suleman has done this through ruthless cost cutting in the form of personnel in all conceivable areas: on-air talent, management, promotions, and sales staffs. He has done little if anything to promote growth, innovation or investment in new media, especially in expanding mobile internet platform, where the advertising dollars which are critical to radio revenue are flowing in increasing numbers.
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of Citadel Broadcasting
Citadel Broadcasting
Citadel Broadcasting Corporation was a Las Vegas, Nevada-based broadcast holding company. Citadel owned 243 radio stations across the United States and was the third-largest radio station owner in the country...
since March 2002. He previously spent 16 years working for Infinity Broadcasting Corporation
Infinity Broadcasting Corporation
Infinity Broadcasting Corporation was a radio company that existed from 1972 until 2005. It was founded by Michael A. Wiener and Gerald Carrus. It became associated with popular radio personalities like Howard Stern, Don Imus and Mike Francesa. Infinity merged with CBS Corporation in 1997 and later...
(now CBS Radio
CBS Radio
CBS Radio, Inc., formerly known as Infinity Broadcasting Corporation, is one of the largest owners and operators of radio stations in the United States, third behind main rival Clear Channel Communications and Cumulus Media. CBS Radio owns around 130 radio stations across the country...
), owned by Viacom
Viacom
Viacom Inc. , short for "Video & Audio Communications", is an American media conglomerate with interests primarily in, but not limited to, cinema and cable television...
(now CBS Corporation
CBS Corporation
CBS Corporation is an American media conglomerate focused on commercial broadcasting, publishing, billboards and television production, with most of its operations in the United States. The President and CEO of the company is Leslie Moonves. Sumner Redstone, owner of National Amusements, is CBS's...
).
In late 2004, Suleman made headlines by cutting Howard Stern
Howard Stern
Howard Allan Stern is an American radio personality, television host, author, and actor best known for his radio show, which was nationally syndicated from 1986 to 2005. He gained wide recognition in the 1990s where he was labeled a "shock jock" for his outspoken and sometimes controversial style...
's radio show from four Citadel stations, citing Stern's frequent discussions regarding his upcoming move to Sirius Satellite Radio
Sirius Satellite Radio
Sirius Satellite Radio is a satellite radio service operating in North America, owned by Sirius XM Radio.Headquartered in New York City, with smaller studios in Los Angeles and Memphis, Sirius was officially launched on July 1, 2002 and currently provides 69 streams of music and 65 streams of...
.
In 2007, he was nominated for the Group Executive of the Year award by Radio & Records
Radio & Records
Radio & Records was a trade publication providing news and airplay information for the radio and music industries. It originally started out as an independent trade from 1973 to 2006 until VNU Media took over in 2006, up until its final issue in 2009.-History:The company was founded in 1973 and...
magazine. Other finalists included John Hogan of Clear Channel
Clear channel
A clear-channel station is an AM band Radio station in North America that has the highest protection from interference from other stations, particularly concerning night-time skywave propagation. Usually known as class A stations since 1982, they are occasionally still referred to by their former...
, Peter Smyth of Greater Media
Greater Media
Greater Media, Inc., known as Greater Media, is an American media company that specializes in radio stations. The markets where they own radio stations include Boston, Detroit, Philadelphia, Charlotte, and the state of New Jersey...
, David Field of Entercom, Lew Dickey of Cumulus
Cumulus Media
Cumulus Media, Inc. is the second largest Owner and Operator of AM and FM radio stations in the United States, behind Clear Channel Communications, operating 570 stations in 150 markets as of September 16, 2011. The company also owns Cumulus Media Networks...
, and Don Benson of Lincoln Financial.
History
Farid Suleman was a director of Westwood OneWestwood One
Westwood One was an American radio network and was based in New York City. At one time, it was managed by CBS Radio, the radio arm of CBS Corporation, and Viacom and was later purchased by the private equity firm The Gores Group...
from February 1994 to February 2006, and Executive Vice President and CFO from February 1994 to March 2002. Suleman was also appointed to the positions of Senior Vice President and Chief Financial Officer
Chief financial officer
The chief financial officer or Chief financial and operating officer is a corporate officer primarily responsible for managing the financial risks of the corporation. This officer is also responsible for financial planning and record-keeping, as well as financial reporting to higher management...
of the CBS Station Group in June 1997. In CBS, he was later named Senior Vice President, Finance in August 1998. He was Executive Vice President, Chief Financial Officer, Treasurer and a director of Infinity Broadcasting, one of the largest advertising companies in the United States, from September 1998 to February 2001 when Infinity was acquired by Viacom
Viacom
Viacom Inc. , short for "Video & Audio Communications", is an American media conglomerate with interests primarily in, but not limited to, cinema and cable television...
. From February 2001 to February 2002, Mr. Suleman was appointed President and Chief Executive Officer of Infinity Broadcasting. As of April 2009, Suleman has been Chairman of the Board and Chief Executive Officer of Citadel Broadcasting since March 2002.
Performance as Citadel CEO
Under Suleman's watch, Citadel has gone from a relatively stable radio company to one that had to file for bankruptcy. This was a result of Suleman's failure to meet a periodic loan payment of approximately $125 million, which was due on January 15, 2010, at a time when the company was almost $3 billion in debt. Much of the debt was brought on by Suleman's decision to purchase ABC Radio in 2006, which made Citadel one of the largest radio operators in the country.Many critics, most notably industry consultant Jerry Del Colliano, have been very critical of Suleman's management style. Despite assuming billions of dollars in debt, Suleman has been cited for only having an interest in trying to keep Citadel's bottom line numbers attractive. Suleman has done this through ruthless cost cutting in the form of personnel in all conceivable areas: on-air talent, management, promotions, and sales staffs. He has done little if anything to promote growth, innovation or investment in new media, especially in expanding mobile internet platform, where the advertising dollars which are critical to radio revenue are flowing in increasing numbers.