ST. LOUIS, Oct. 11, 2011 /PRNewswire/ -- Charter
Communications, Inc. (NASDAQ: CHTR) ("Charter" or the "Company")
today announced that it is implementing a CEO succession plan
following President and Chief Executive Officer Michael J. Lovett advising the Board of
Directors of his personal decision to step down as President and
CEO on April 30, 2012 or earlier if a
successor is appointed before that time. Charter's Board of
Directors will begin the process of evaluating candidates, and Mr.
Lovett will remain in his present positions during this transition
period.
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Eric L. Zinterhofer, Chairman of the Board of Charter,
stated, "Under Mike's leadership, Charter has established a solid
foundation for customer growth through executing on its long-term
strategic initiatives and assembling a high quality management team
around a much improved financial position. We appreciate his many
contributions to the success of the Company and his willingness to
assist in an orderly transition. On behalf of the Board of
Directors, I thank Mike for his continued service during this
transitional period."
Mr. Lovett said, "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. With Charter on strong footing, I believe this is the right
time for me to move on to the next chapter of my career. In
the meantime, I remain fully committed to the Charter team in this
succession period and am confident that our Board will select an
exceptional business leader who will continue to build on the
substantial progress we have made over the past several years."
Mr. Lovett joined Charter in August
2003 and was named President and Chief Executive Officer in
April 2010. Prior to that, he served
as Charter's Executive Vice President and Chief Operating
Officer.
About Charter
Charter 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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
This release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the "Securities Act"), and Section 21E of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), regarding, among
other things, our plans, strategies and prospects, both business
and financial. Although we believe that our plans, intentions and
expectations reflected in or suggested by these forward-looking
statements are reasonable, we cannot assure you that we will
achieve or realize these plans, intentions or expectations.
Forward-looking statements are inherently subject to risks,
uncertainties and assumptions including, without limitation, the
factors described under "Risk Factors" from time to time in our
filings with the Securities and Exchange Commission ("SEC"). Many
of the forward-looking statements contained in this release may be
identified by the use of forward-looking words such as "believe,"
"expect," "anticipate," "should," "planned," "will," "may,"
"intend," "estimated," "aim," "on track," "target," "opportunity,"
"tentative," "positioning" and "potential," among others. Important
factors that could cause actual results to differ materially from
the forward-looking statements we make in this release are set
forth in other reports or documents that we file from time to time
with the SEC, and include, but are not limited to:
- our ability to sustain and grow revenues and free cash flow by
offering video, Internet, telephone, advertising and other services
to residential and commercial customers, to adequately meet the
customer experience demands in our markets and to maintain and grow
our customer base, particularly in the face of increasingly
aggressive competition, the need for innovation and the related
capital expenditures and the difficult economic conditions in
the United States;
- the impact of competition from other market participants,
including but not limited to incumbent telephone companies, direct
broadcast satellite operators, wireless broadband and telephone
providers, and digital subscriber line ("DSL") providers and
competition from video provided over the Internet;
- general business conditions, economic uncertainty or downturn,
high unemployment levels and the level of activity in the housing
sector;
- our ability to obtain programming at reasonable prices or to
raise prices to offset, in whole or in part, the effects of higher
programming costs (including retransmission consents);
- the effects of governmental regulation on our business;
- the availability and access, in general, of funds to meet our
debt obligations, prior to or when they become due, and to fund our
operations and necessary capital expenditures, either through (i)
cash on hand, (ii) free cash flow, or (iii) access to the capital
or credit markets; and
- our ability to comply with all covenants in our indentures and
credit facilities, any violation of which, if not cured in a timely
manner, could trigger a default of our other obligations under
cross-default provisions.
All forward-looking statements attributable to us or any person
acting on our behalf are expressly qualified in their entirety by
this cautionary statement. We are under no duty or obligation to
update any of the forward-looking statements after the date of this
release.
SOURCE Charter Communications, Inc.