Charter CEO’s Plan to Resign Sparks Speculation About Company’s Future

Oct 17, 2011  •  Post A Comment

Charter Communications CEO Michael Lovett announced last week that he plans to step down from his post in April 2012, setting off speculation about who might succeed him, St. Louis Business Journal reports.

The list of contenders includes Landel Hobbs, Time Warner Cable COO; Dinni Jain, Insight Communications COO; and Scott Widham, Cobridge Communications founder and CEO, the story says.

The turnover at Charter could also fuel talk that the company will be sold, the story notes.

Citing Multichannel News, the story adds: “Lovett became CEO in April 2010, following Charter’s emergence from Chapter 11 bankruptcy at the end of 2009. As part of his departure, Lovett, 50, is eligible to receive a package worth about $8.4 million, including a $1 million cash incentive; an annual bonus worth as much as $2.1 million (165 percent of base salary); two years of his base salary valued at $2.6 million; 50,911 shares of stock, valued at $2.5 million; and $172,985 in performance cash grants.”

The announced resignation is the third this year from Charter, following Chief Technology Officer Marwan Fawaz, who stepped down in March, and Ted Schremp, EVP for operations and marketing, who exited the company in February, the story notes.

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