Radio giant changes M&A boss.
Drew Lipsher is no longer running business development at Clear Channel Communications
, 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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