Farid Suleman, the CEO of KGO-AM and KSFO parent Citadel Broadcasting Corp., is going to make $30 million this year for heading a company that was recently in bankruptcy.
RadioInk.com and RBR.com analyzed SEC documents filed by Cumulus Media (owner of KNBR and KFOG) ahead of its acquisition of Citadel and found that Suleman will get a $2 million bonus this year for hitting a $232 million profit target. He’s also getting $1,125,000 in annual salary and $27.4 million in stock options.
RadioInk points out that chief operating officer Judy Ellis will get $478,391 in salary, a $250,000 bonus for hitting the profit target, and $1.4 million in stock options. Grand total: $2.1 million.
Cumulus’ acquisition of the 223-station Citadel chain should close on Labor Day, meaning that KNBR, KFOG and KSAN will be apart of the same happy family as KGO-AM and KSFO.