" /> Former Cablevision COO Hits Pay Powerball as New CEO of Charter: $90+ Million Salary | Stop the Cap!

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.

Share






Search This Site:

Contributions:

Recent Comments:

  • JayS: With the change to digital Tv and the advent of 'sub-channels', the rule about not owning more than two stations in a given Tv market has me confused....
  • James Cieloha: I know about the history of David Smith, Barry Faber, David Amy, and Sinclair: David Smith, Barry Faber, and David Amy with all of their colleagues...
  • The Kin: That's all fine and dandy, Paul except for the fact that cable companies have enough in profits to easily coat the US in fiber and then some. The cabl...
  • Dave Hancock: Fat chance. Perhaps the government will force "a-la carte", but the providers (ESPN, etc) will continue to insist that they be carried by the most po...
  • Terry Hall: I was told I would get a $200 rebate and was sent $100. I've been given 5 different numbers to call, all with long wait times. The last number I was g...
  • JoeinIllinois: At some point, won't the cable companies press ESPN , the Regional Sports Networks, NHL network, NBA network, MLB network, NBC Sports Net, regional NC...
  • Paul Houle: The big issue with Fiber is that it has high costs to set up, not so much because the hardware is expensive, but because you have to either dig up t...
  • Scott: Perfectly example of why I still don't subscribe to cable or satellite. The only channel I *might* watch out of that entire lineup is Comedy Central....
  • James Cieloha: CableOne, Service Electric, GCI, Buckeye and other NCTC members are being forced by Viacom to add the Epix movie channels in order to carry the cable ...
  • Dave Hancock: I don't know where AP lives, but in MOST areas of the country MOST people do not have any choice for High Speed Internet (15mbps or above) - it is the...
  • tacitus: That doesn't sound right. Are you in some sort of contract? Where in the country is this?...
  • AP: Good luck cutting cable if you live in an area that has one cable, internet, and phone company like I do. If you want internet or phone with the cable...

Your Account: