-By Katy Bachman

Randall Mays is stepping down as president and chief financial officer of Clear Channel. The change in top management comes a year after the radio and outdoor giant was acquired by Bain Capital and Thomas H. Lee Partners in a $24 billion deal that has left the company with crippling debt of more than $21 billion.

No replacement for the CFO position has been named.

The news of Mays resignation came via an internal memo to employees Tuesday (Oct. 27) from Randall Mays’ brother, Mark Mays, CEO, who together with their father built Clear Channel into the nation’s largest radio group. The memo was leaked to The New York Times.

Randall Mays will remain with the company as vice chairman and a member of the board of directors through 2013. Mark Mays will assume the role of president.

“It’s important to know that Randall will go on serving our company at the highest level,” wrote Mark Mays. “He will remain a director of the company, his office will remain next to mine, and he will continue to be invaluable in helping us steer the strategic direction of Clear Channel.”

According to a report in the Wall Street Journal, Randall Mays’ salary will be substantially reduced.

Since January, the company has been focused on restructuring its operations in order to improve its balance sheet. Radio revenue fell 21 percent in second quarter; outdoor dropped 24 percent.