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Rutledge is rich.
Thomas Rutledge, CEO of a greatly enlarged Charter Communications, was awarded a greatly enlarged pay package worth $98.5 million in 2016 – a 500% pay rise.
Rutledge won a compensation boost, in part, because of his willingness to continue taking Charter’s money for at least five additional years, until 2021.
Charter disclosed the pay package as part of a regulatory filing. One year earlier, Rutledge’s salary was $16.4 million.
Bloomberg News reports the person likely responsible for the considerable pay boost was John Malone, Charter’s largest individual investor and board member. His associate and confidant — Greg Maffei, CEO of Liberty Media, sits on Charter’s compensation committee.
Rutledge’s stock options, valued at $78 million last year, will vest if Rutledge can adequately please Wall Street and shareholders by getting Charter’s stock price up. Various hurdles are in place that will give Rutledge more options as the share price moves higher.
Rutledge’s 2016 compensation also includes $2 million in salary and up to $10.1 million in stock awards, plus a $7.65 million bonus.
Charter customers got a $5 rate increase for broadband packages that will eventually reach all customers.
In 2016, Charter Communications closed on its acquisition of both Time Warner Cable and Bright House Networks.
This explains why they are not willing to work with customers on the cost of their service. I hope a bunch of people just cancel service, their stock price hits rock bottom, and he loses most of this bonus
I have been a customer for just two years now and every 12 months is goes up approx. 18%, thus two years now and I have a 36% increase for the same service as originally started. I realize now how you can pay such outrageous CEO salaries. This should be against the law because you are way overcharging for a product, I guess because you continue to create a monopoly which used to be against the law, but now a days it seems anything goes. I was advised by Social Security that 2016 living cost had increased very little so… Read more »
I just noticed the $5 increase and called. Got the “I can’t change the nationwide price” from the guy when I asked him to take the $5 off. Asked for supervisor and she says she can get me a lower price for higher speed internet…so I was paying $73.98 for 60mb and it went to $78.98. Now will be $74.98 for 100mb. Includes our fax line. ONly….it will be $78.98 after 12 months. I expressed how annoying I find this. Lining pockets 🙁