Home » Charter »Consumer News » Currently Reading:

Former Cablevision COO Hits Pay Powerball as New CEO of Charter: $90+ Million Salary

Phillip Dampier January 5, 2012 Charter, Consumer News No Comments

Payday for Rutledge

Cablevision’s former chief operating officer Tom Rutledge has hit executive pay Powerball, scoring a compensation package worth more than $90 million dollars as the incoming CEO of formerly-bankrupt Charter Communications.

Documents filed with the Securities and Exchange Commission reveal why Rutledge abruptly resigned from his position at Cablevision on Dec. 15.  Just four days later, Charter announced Rutledge would become its new CEO this February, replacing Mike Lovett who earlier announced his departure plans.

Rutledge will be extremely well compensated in his new position, scoring $8,000 a week in walk-around money until February when the executive suite opens up.  After that, his base salary will amount to $2 million annually, with yearly increases possible.  But the real money will come from Rutledge’s bonus and incentives package.  In addition to an annual bonus worth up to $3.5 million annually, Rutledge will also get more than one million shares of Charter stock, worth more than $70 million at present.  If Rutledge focuses on boosting that stock price, he could earn considerably more.

That’s a remarkable pay package for a cable company that declared bankruptcy just two years ago.  It’s also a lot more money for Rutledge, who collected just over $28 million at his old job at Cablevision.

In 2010, soon-to-be-former Charter CEO Mike Lovett earned just under $11 million in total compensation.

Search This Site:

Contributions:

Recent Comments:

  • Houston: Very helpful. I called an pretty easily got my bill reduced by $60/month and a U300, 18Mbps and phone package. They also threw in a one-time $60 bil...
  • shunda Hawkins: Hello im experiencing the same results. We have enough people here to file a class action lawsuit!!...
  • Doom: Nice to see Rocky Miller openly whoring himself out to the telecoms against the people he's purporting to represent....
  • Oscar@SA: Come to San Antonio. I will help bury the cable in my area if needed, then I can go tell TWC to go you know where.. lol...
  • ssssssssssss: who want to make money online >>> http://adf.ly/wTP2i <<< after 3 mouth can you make almost 5 usd per day but after 1 year can youy...
  • John: Gah, they are putting up Google Fiber in NC and Georgia, but nothing in SC? Not even Charleston or Columbia or Myrtle Beach?...
  • BobInIllinois: So far, NO Google FIber in Big 10 country!!.....
  • Javier: Im having bad internet and phone signal with brighthouse for many years, I get disconnected from internet and my son xbox game is the same, technician...
  • Brian: I am an avid gamer who feels this pain as my speed drops to half (or less) during peak hours. Imagine my pain as only 10 miles away my friends have su...
  • Jason: Great article! I had U200, 18mps internet with 3 receivers, HD with no premium channels. I was paying $163/month and received a mailer from Comcast...
  • Limboaz: Figuring out how to stop the blatant corruption in Washington is one of the biggest challenges facing the American public. Frankly, crony capitalism s...
  • jdhdbsb: Post this on reddit in as many subreddits as you can, post on Facebook, Twitter, and whatever else you can. Will get more attention this way....

Your Account: