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HomeGeorgia & USATom Rutledge is stepping down as CEO of Charter Communications

Tom Rutledge is stepping down as CEO of Charter Communications

Charter Communications Chairman and CEO Tom Rutledge speaks at The New York Times DealBook Conference at Jazz at Lincoln Center on November 10, 2016 in New York City.

Brian Beder | The New York Times | Getty Images

Charter of communication CEO Tom Rutledge will step down Dec. 1 after a decade at the helm and half a century in the cable industry.

Rutledge, 68, will serve as executive chairman until his contract expires in November 2023. Charter’s chief operating officer, Chris Winfrey, who joined the company in 2010, will take over as CEO.

Rutledge transformed Charter from a relatively small regional cable company into the No. 2 provider in the U.S. by organizing the audacious takeover of Time Warner Cable, announced in 2015, for nearly $79 billion, including debt. At the time, Charter served about 6 million subscribers with a market capitalization of about $20 billion.

Time Warner Cable deal, in conjunction with the $10 billion acquisition of Bright House Networks at the same time, it announced, is nearly four times the size of Charter, both in valuation and customer service. Rutledge combined the company’s television and broadband Internet assets under the Spectrum brand. During Rutledge’s tenure, Charter’s revenue grew 600% and its customer base increased 500%.

Until this year, investors had backed Rutledge’s bid to become Pureplay’s cable company. Charter’s steady additions of ultra-high-margin high-speed broadband subscribers have seen the company’s stock more than triple from May 2016, when the Time Warner Cable deal was struck, to December 2021.

This year, the number of broadband finally stopped after years of growth. This caused cable ratings to plummet. In 2022, the charter is down about 44%.

Rutledge began his cable career in 1972 as a technician with Eastern Telecom. He built a reputation as a high-end cable operator while working at Cablevision for then-CEO James Dolan. In 2012, Charter poached him from Cablevision, giving him the CEO role.

“It has been an honor and a pleasure to lead Charter and this incredible team for the past 10 years,” Rutledge said in a statement. “In my 50 years in the industry, I’ve witnessed firsthand its ability to constantly evolve and change the world, and our opportunities today are greater than ever as ubiquitous connectivity is at the center of everything we do.”

Winfrey joined Charter in 2010 as Chief Financial Officer, moves to COO last year.

“Chris’ leadership and expertise in both operations and finance have been key to Charter’s growth and success,” Rutledge said. “Having worked closely with Chris for over 10 years, he is the right choice as our next CEO.”

WATCH: Charter CEO Tom Rutledge to step down and remain executive. chairman until 2023.

Reported by Source link

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Tom Rutledge is stepping down as CEO of Charter Communications

Charter Communications Chairman and CEO Tom Rutledge speaks at The New York Times DealBook Conference at Jazz at Lincoln Center on November 10, 2016 in New York City.

Brian Beder | The New York Times | Getty Images

Charter of communication CEO Tom Rutledge will step down Dec. 1 after a decade at the helm and half a century in the cable industry.

Rutledge, 68, will serve as executive chairman until his contract expires in November 2023. Charter’s chief operating officer, Chris Winfrey, who joined the company in 2010, will take over as CEO.

Rutledge transformed Charter from a relatively small regional cable company into the No. 2 provider in the U.S. by organizing the audacious takeover of Time Warner Cable, announced in 2015, for nearly $79 billion, including debt. At the time, Charter served about 6 million subscribers with a market capitalization of about $20 billion.

Time Warner Cable deal, in conjunction with the $10 billion acquisition of Bright House Networks at the same time, it announced, is nearly four times the size of Charter, both in valuation and customer service. Rutledge combined the company’s television and broadband Internet assets under the Spectrum brand. During Rutledge’s tenure, Charter’s revenue grew 600% and its customer base increased 500%.

Until this year, investors had backed Rutledge’s bid to become Pureplay’s cable company. Charter’s steady additions of ultra-high-margin high-speed broadband subscribers have seen the company’s stock more than triple from May 2016, when the Time Warner Cable deal was struck, to December 2021.

This year, the number of broadband finally stopped after years of growth. This caused cable ratings to plummet. In 2022, the charter is down about 44%.

Rutledge began his cable career in 1972 as a technician with Eastern Telecom. He built a reputation as a high-end cable operator while working at Cablevision for then-CEO James Dolan. In 2012, Charter poached him from Cablevision, giving him the CEO role.

“It has been an honor and a pleasure to lead Charter and this incredible team for the past 10 years,” Rutledge said in a statement. “In my 50 years in the industry, I’ve witnessed firsthand its ability to constantly evolve and change the world, and our opportunities today are greater than ever as ubiquitous connectivity is at the center of everything we do.”

Winfrey joined Charter in 2010 as Chief Financial Officer, moves to COO last year.

“Chris’ leadership and expertise in both operations and finance have been key to Charter’s growth and success,” Rutledge said. “Having worked closely with Chris for over 10 years, he is the right choice as our next CEO.”

WATCH: Charter CEO Tom Rutledge to step down and remain executive. chairman until 2023.

Reported by Source link

RELATED ARTICLES
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Most Popular