CUMULUS QUICKLY NAMES NEW CEO

Cumulus Media has wasted no time in choosing a successor to company head Lew Dickey, who stepped down earlier today (see previous item), naming Mary Berner its CEO, effective Oct. 13.

Lew Dickey is staying on the board as Vice Chairman.

Berner, who joined the Cumulus board in May, comes from the magazine world. She was previously CEO of MPA (the Association of Magazine Media), following high-ranking gigs at Reader's Digest Association and Fairchild Publications.

"Mary is a proven executive, with over 30 years of experience in media driving results in multi-platform advertising and content driven businesses," Cumulus Chairman of the Board Jeffrey Marcus said in announcing the appointment.

Marcus is also a partner at Crestview Partners, manager of funds that own 27% of Cumulus stock, which has taken a nosedive in recent weeks and hit a new low on Monday.