Jon D. Pedersen, Sr.
Jon D. Pedersen, Sr. recently served as the Senior Vice President and Chief Financial Officer for iHeartMedia Markets Group. In his role he oversaw financial operations and supported sales leadership teams with data analytics and business insights. In addition, he managed the company’s shared services functions including credit, collections, billing, accounting, procurement and accounts payable. He reported into Michael McGuinness, Deputy Chief Financial Officer for iHeartMedia, Inc.
When Jon joined iHeartMedia in 2014, he was instrumental in transforming the business during an unprecedented shift in the media/advertising landscape. Jon led many technological/systems improvements in the company, helping reduce the finance footprint in the radio division by more than 60% while improving business intelligence capabilities, reducing friction in the sales process and improving working capital through centralizing credit and collections by more than $100M.
During iHeartMedia’s bankruptcy (March 2018-May 2019), Jon led the back office through a pre-packaged bankruptcy, taking the lead on operational finance, the contract acceptance/rejection process, vendor management and the divestiture/separation of Clear Channel Outdoor upon emergence.
Prior to joining iHeartMedia, Jon was Chief Financial Officer of SNAP Interactive, Inc., a company that develops, owns and operates dating applications for social networking websites and mobile platforms. Previous roles include Senior Vice President – Controller and Vice President – Assistant Controller for Warner Music Group; Chief Financial Officer for WestLB Securities Inc. and Vice President for Global Management Reporting for Goldman, Sachs & Co.
While at Warner Music Group, Jon helped to build a stand-alone corporate finance team for the newly public spin-off (acquired from Time Warner by Bain & THL) and shortened the monthly close process by more than 50%. At Goldman, Sachs & Co., Jon led the corporate financial reporting team during the pre-IPO process and was instrumental in preparing Goldman for one of the storied IPOs in Wall Street history. Jon has a long history working in accounting operations and finance, management of the Sarbanes-Oxley internal controls process and managing the external audits of multiple SEC registrants.
Jon holds a Master’s degree in business administration from Columbia Business School and a Bachelor’s degree in business administration with an emphasis in accounting from the University of Connecticut. Jon lives in Milford, CT with his wife Kristen and his sons, Jon Jr. and Michael.
- While serving as Controller for a multi-billion dollar media and entertainment company, led a number of transformational projects, including the replacement of the Company’s domestic general ledger system, outsourcing of accounts receivable and accounts payable functions, and was the lead operational finance representative (working with the banks and prospective buyers on due diligence) during the Company’s sale to a private equity concern.
- While serving as divisional CFO for a multi-billion dollar media and entertainment company, led a number of transformational projects, including:
- Centralization of credit and collections into a shared services model – leading to significant improvement in process / customer satisfaction and delivered over $100 million in working capital benefits.
- Implementation of a new incentive compensation system covering ~1,800 local salespeople – enabling greater transparency for the salesforce, better data on salesforce effectiveness for the Company, allowing the company to better structure sales compensation plans resulting in over $20 million in annual savings in a growing revenue environment.
- Reduction in field finance of ~170 heads (~65%) – resulting in over $5M in annual savings while improving operational efficiency and business support.
- Led the finance team through the Company’s 2018-2019 bankruptcy reorganization, including vendor management, employee and vendor contract review, separation of all pre/post-petition obligations and working with the legal / consulting teams on all of the vendor / employee related motions.