Cablevision's Former COO Was Paid $23.19 Million For 2011
April 05 2012 - 6:18PM
Dow Jones News
NEW YORK (DOW JONES)--The former chief operating officer of
Cablevision Systems Corp. (CVC), Tom Rutledge, received total
compensation for 2011 valued at $23.19 million, more than twice
that of his boss and ranking him as one of the cable industry's
best-paid executives.
Rutledge resigned abruptly from Cablevision last year to become
chief executive of Charter Communications Inc. (CHTR), part of a
broader management shakeup at Cablevision that has sparked concerns
about the cable operator's leadership. The Bethpage, N.Y., company
shed more than $500 million in market value in the minutes after
Rutledge's departure was disclosed in December.
Shares are down 43% over the last 12 months.
Rutledge's 2011 total compensation included more than $12
million in retirement benefits, after netting out forfeited stock
awards, based on terms of an employment contract he negotiated
several years earlier. For 2010, Rutledge received total
compensation valued at $28.22 million.
Elsewhere within Cablevision, Chief Executive Jim Dolan received
total compensation for 2011 valued at $11.45 million, down from
$13.44 million a year earlier. Chairman Charles Dolan received
$10.97 million for the year, down from a total package valued at
$13.77 million for 2010.
Earlier this week, industry peer Time Warner Cable Inc. (TWC)
said CEO Glenn Britt received total compensation for 2011 valued at
$16.43 million, down around 6% from a year earlier.
-By William Launder, Dow Jones Newswires; 212-416-3412;
william.launder@dowjones.com
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