Drew Lipsher is no longer running business development at Clear Channel Communications (CCMO), Fortune has learned.
Lipsher joined the media and advertising giant last April, after having spent nearly five years as a venture capitalist with Greycroft Partners, which focuses on early-stage digital media investments. Before Greycroft, Lipsher was a senior corporate development exec with such companies as Interscope-Geffen-A&M, News Corp. and BMG Entertainment.
Two-word explanation: Bob Pittman.
Pittman was installed as Clear Channel's CEO last October, and began bringing in some of his own people. One of them was Steven Cutler – a partner at Pittman's Pilot Group investment firm – who in late December joined in the newly-created position of "senior VP of business development and corporate strategy."
A Clear Channel spokeswoman says that Lipsher's departure and Cutler's arrival were unrelated, but a source familiar with the situation (and common sense) says otherwise. No comment yet from Lipsher.
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Clear Channel made some big personnel news this morning, announcing that it has hired Bob Pittman as chairman of media and entertainment platforms. For the uninitiated, Pittman is the former CEO of MTV Networks and AOL Networks, plus served as COO of AOL and AOL Time Warner. He also runs a venture capital firm called Pilot Group.
Part of the arrangement involves a "significant" investment by Pittman into Clear Channel, which is majority-owned MOREDan Primack - Nov 15, 2010 10:24 AM ET
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