ST. LOUIS, Jan. 18, 2011 /PRNewswire/ -- Charter
Communications, Inc. (Nasdaq: CHTR) announced today that its Board
of Directors has voted to convert all 2,241,299 shares of Class B
common stock of Charter held by Paul G.
Allen into the same number of shares of Class A common stock
of Charter (the "Conversion").
The Conversion was effective on January
18, 2011. As a result of the Conversion, Mr. Allen no longer
has a 35% voting interest associated with the Class B common stock
and no longer has the right to appoint four members of the Board of
Directors.
Following the Conversion, William L.
McGrath and Christopher M.
Temple, two of the directors previously appointed by Mr.
Allen, resigned from the Board. The Board has appointed
Edgar Lee and Stan Parker to fill the vacancies resulting from
those resignations. The Board also appointed John D. Markley, Jr. as a member of the Audit
Committee to fill the vacancy resulting from Mr. Temple's
resignation and appointed Messrs. Lee and Parker to fill the
vacancies on the Nominating and Corporate Governance Committee
resulting from Mr. McGrath's resignation from the Board and from
Mr. Markley's resignation from the Nominating and Corporate
Governance Committee.
"It has been a pleasure serving on the Board with Bill and
Chris. My fellow directors and I, along with Charter's
leadership team, appreciate their sound counsel and hope to have
the opportunity to work with them again in the future," said
Eric L. Zinterhofer, Chairman of the
Board. "Stan and Edgar are highly regarded business leaders, and
I'm confident the financial expertise they bring to the Board will
be invaluable as Charter executes its strategy for long-term
growth."
Mr. Lee is Senior Vice President of Oaktree Capital Management,
L.P. He was previously an Associate
Director in the TMT Investment Banking division of UBS Investment
Bank and was an Associate in the Fixed Income Division at Lehman
Brothers Inc.
Mr. Parker is a senior partner of Apollo Global Management LLC.
Prior to that, he worked in the Financial Entrepreneurs Group
within the Investment Banking Division of Salomon Smith Barney, Inc. Mr. Parker serves on
the board of directors of AMC Entertainment Inc., AMC Entertainment
Holdings, Inc., Affinion Group, CEVA Logistics and Momentive
Performance Materials.
About Charter
Charter (NASDAQ: CHTR) is a leading broadband communications
company and the fourth-largest cable operator in the United States. Charter provides a full
range of advanced broadband services, including advanced Charter™
TV video entertainment programming, Charter Internet™ access, and
Charter Phone™. Charter Business® similarly provides scalable,
tailored, and cost-effective broadband communications solutions to
business organizations, such as business-to-business Internet
access, data networking, business telephone, video and music
entertainment services, and wireless backhaul. Charter's
advertising sales and production services are sold under the
Charter Media® brand. More information about Charter can be found
at charter.com.
SOURCE Charter Communications, Inc.