Thomas Rutledge, who resigned as chief operating officer of Cablevision Systems, has resurfaced with a new job: chief executive officer of rival cable operator Charter Communications, reports Bloomberg.
As recently reported, Rutledge’s departure was called "a staggering loss" for Cablevision by one analyst. He is credited with transforming Cablevision into a company focused on cable infrastructure after the company spun off AMC Networks and Madison Square Garden Co.
Rutledge will take on his role at Charter starting Feb. 13, succeeding Michael Lovett, who announced his departure in October, the story notes. Since emerging from bankruptcy in 2009, Charter has reported net losses in all but one quarter, the article points out.
"Maybe he wanted a bigger challenge,” said Collins Stewart LLC analyst Tom Eagan. "Cablevision’s loss is a gain for Charter.”
Rutledge, who was inducted into the Broadcasting & Cable Hall of Fame this year, will earn a base salary of $2 million, the story notes.