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Michael Lovett, Charter Communications CEO, Is Stepping Down.
I’m sure that Michael would like to thank the Charter Cable subscribers. For it takes about 59,000 customers paying one month’s bill for him to get the reward of making $7.22 million in 2010 compensation. Not bad for being on the job a year and a half.
Lovett is the fifth highest-paid St. Louis executive. He has agreed to remain in his present positions during the transition.
I would too at that kind of salary.
Charter’s board of directors, led by Chairman Eric Zinterhofer, said it would begin the process of evaluating candidates. Shouldn’t be that extremely hard to find a replacement. Keep reading.
“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,” Lovett said in a statement. “With Charter on strong footing, I believe this is the right time for me to move on to the next chapter of my career.”
Under Lovett as CEO, Charter reported a first-quarter loss of $110 million on revenue of $1.77 billion. Sounds like solid footing to me.
There must be a great feeling of accomplishment for Michael knowing that under his reign this past July; Charter was named by The Atlantic as one of the Most Hated Companies in America. His hiring John Birrer, a former T-Mobile executive, in February as a senior vice president of customer experience was a brilliant move. I wonder what his compensation is?
Well, at least I know I’ll never have to contact Charter customer service. I don’t get a bill for TV. I watch TV for free.