Cablevision's Former COO Was Paid $23.19 Million For 2011

Date : 04/05/2012 @ 6:18PM
Source : Dow Jones News
Stock : Cablevision Systems Corp. Class A (CVC)
Quote : 34.87  0.0 (0.00%) @ 2:05AM

Cablevision's Former COO Was Paid $23.19 Million For 2011

Cablevision System (NYSE:CVC)
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NEW YORK (DOW JONES)--The former chief operating officer of Cablevision Systems Corp. (CVC), Tom Rutledge, received total compensation for 2011 valued at $23.19 million, more than twice that of his boss and ranking him as one of the cable industry's best-paid executives.

Rutledge resigned abruptly from Cablevision last year to become chief executive of Charter Communications Inc. (CHTR), part of a broader management shakeup at Cablevision that has sparked concerns about the cable operator's leadership. The Bethpage, N.Y., company shed more than $500 million in market value in the minutes after Rutledge's departure was disclosed in December.

Shares are down 43% over the last 12 months.

Rutledge's 2011 total compensation included more than $12 million in retirement benefits, after netting out forfeited stock awards, based on terms of an employment contract he negotiated several years earlier. For 2010, Rutledge received total compensation valued at $28.22 million.

Elsewhere within Cablevision, Chief Executive Jim Dolan received total compensation for 2011 valued at $11.45 million, down from $13.44 million a year earlier. Chairman Charles Dolan received $10.97 million for the year, down from a total package valued at $13.77 million for 2010.

Earlier this week, industry peer Time Warner Cable Inc. (TWC) said CEO Glenn Britt received total compensation for 2011 valued at $16.43 million, down around 6% from a year earlier.

-By William Launder, Dow Jones Newswires; 212-416-3412; william.launder@dowjones.com




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