UPDATE 1-Clear Channel Outdoor names new finance chief

* Taps outsider as new CFO

* Role becomes effective June 15

* Shares up 6 percent

NEW YORK, June 5 (Reuters) - Advertising company Clear Channel Outdoor Holdings Inc (CCO.N) named Chet Kwasniak, a former executive of Danaher Corp (DHR.N) and Cisco Systems (CSCO.O), as its new chief financial officer, effective June 15.

Kwasniak previously was CFO of Greenheck Corp, which makes building ventilation equipment. He has also held executive positions at Pactiv (PTV.N) as well as Danaher and Cisco, Clear Channel said on Friday.

Shares of Clear Channel Outdoor have rallied in recent weeks, but are still down more than 70 percent from a year ago as the company has been hard hit by an advertising downturn that has cut demand for its billboards and other displays.

The stock was up 6 percent at $5.45 in midday New York Stock Exchange trading. (Reporting by Paul Thomasch; Editing by Lisa Von Ahn)