Charter Nabs Former Cablevision COO Tom Rutledge To Be CEO

Cablevision Shares Plummet After COO’s Surprise Resignation

That was quick. Just days after Tom Rutledge shocked the cable industry by leaving Cablevision, he has emerged as CEO of Charter. The No. 4 cable operator is still struggling to regain its momentum since 2009 when it emerged from bankruptcy protection. That’s been tough because many of Charter’s systems are in rural areas where satellite companies are popular. But Charter’s focused effort to build its broadband business, and make needed upgrades to its systems, has enabled it to outperform many of its cable industry peers. Charter shares are up 3.4% in after hours trading, recovering from the 3.3% drop during the day. Here’s the company’s release:

ST. LOUIS, Dec. 19, 2011  — Charter Communications, Inc. (NASDAQ: CHTR) (“Charter” or the “Company”) today announced that its Board of Directors has concluded its previously announced CEO search process and appointed Thomas M. Rutledge as President and Chief Executive Officer. Mr. Rutledge joins Charter immediately and will become the President and Chief Executive Officer effective February 13, 2012. Mr. Rutledge will also become a member of the Charter Board of Directors at that time. (more…)

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