Michael Lovett, who became Charter Communications’ president and CEO in April 2010, will depart by April 30, 2012. Charter is implementing a CEO succession plan, and Lovett will stay on during the transition period.
“Charter has made significant progress on our longer-term strategic initiatives and has become a stronger, better positioned company with solid results and extremely talented people. With Charter on strong footing, I believe this is the right time for me to move on to the next chapter of my career,” Lovett, who first joined the operator in 2003, said.
Charter Chairman Eric Zinterhofer added, "Under Mike’s leadership, Charter has established a solid foundation for customer growth through executing on its long-term strategic initiatives and assembling a high quality management team around a much improved financial position. We appreciate his many contributions to the success of the company and his willingness to assist in an orderly transition."
Once he leaves, Lovett will receive a lump-sum payment equal to 18 times the monthly cost to extend his health, dental and vision benefits under COBRA and will receive payments in an aggregate amount of $2.6 million (two years of his base salary) during an 18-month period, provided he complies with post-termination obligations, according to an SEC filing.