Audacy today announced a leadership transition that has David Field stepping down as president and chief executive officer. The media company says it has appointed current board member Kelli Turner as interim president and CEO. Audacy’s board has commenced a search for a permanent CEO.
Michael Del Nin, chairman of the board, said Field left an indelible mark on the industry, growing Audacy from a few small radio stations into a scaled multi-platform audio content and entertainment powerhouse. 
“Under David’s dedicated leadership, Audacy has been positioned for long-term success, and we look forward to working with Kelli and the entire team as the company begins its next exciting chapter,” Del Nin said.
There has been industry speculation on how long Field would remain in a leadership role at Audacy following its Chapter 11 bankruptcy and reorganization.
Jeffrey Tarkenton, an attorney in the bankruptcy and restructuring group at Womble Bond Dickinson (U.S.) LLP, previously told Radio World that companies navigating Chapter 11 often make a change in leadership.
“Audacy will have new shareholders who will have the ability, if they choose, to change management,” Tarkenton said at the time.
The now private media company was able to chop its debt from $1.9 billion to about $350 million. The bankruptcy judge closed Audacy’s bankruptcy proceeding earlier this week.
[Related: “Audacy Bankruptcy Saga Comes to a Close“]
Field will also step down as a member of Audacy’s board of directors. He’ll continue to serve in a new position as a special advisor to the CEO and board, according to the media company’s statement.
The end of Field’s leadership marks a significant pivot for Audacy. The Field family patriarch, Joseph Fields, founded Entertainment Communications, which was later shortened to Entercom in 1968. Entercom merged with CBS Radio Inc. in 2017. The acquisition brought with it $1.5 billion in new debt. The radio and podcast company was later renamed Audacy.
“Since I joined Audacy, then Entercom, we have grown from $10 million in revenues with 10 niche radio stations into a $1.2 billion, multi-platform audio leader with one of the country’s two scaled radio broadcast groups, one of the largest podcast networks and the unrivaled top position in sports audio,” said David Field said in a statement.
He continued: “With the company in a strong competitive and financial position, now is the optimal time to pass the baton to new leadership. I am deeply proud of our extraordinary team and everything we have accomplished for our listeners, customers, partners and communities. The company is in great hands, and I look forward to seeing the next chapter of Audacy’s success.”
Audacy’s interim president/CEO, Kelli Turner, has served on the Audacy Board of Directors since September 2024. Turner was most recently managing director and chief financial officer of Sun Capital Partners, a private investment firm, according to the company’s announcement.
Audacy is the second-largest radio operator in the United States. It has more than 220 radio stations in 45 markets.
