Spanish Broadcasting System, Inc. announced that Mr. Joseph A. Garcia has retired from his role as Senior Executive Vice President, Chief Financial Officer, Chief Administrative Officer and Secretary of the company effective as of January 28, 2019. Mr. Garcia served as the Company's Chief Financial Officer since 1984. Mr. Garcia will continue to serve on the Board of Directors of the Company and serve in a senior advisory role to the Company.

The Company and Mr. Garcia intend to enter into a Separation and Transition Services Agreement documenting the terms of Mr. Garcia's retirement and transition to a senior advisory role. Mr. Jose I. Molina has been appointed Chief Financial Officer of the Company effective as of January 28, 2019. Mr. Molina, 46, has over 20 years of experience in corporate finance leadership and public accounting roles, including broad experience in mergers and acquisitions, capital markets and corporate restructuring.

Prior to his appointment, Mr. Molina was the Senior Vice President and Chief Financial Officer, Networks at Univision Communications.