Charter Communications Boss Is Out

Carl Vogel suddenly resigns as the broadcaster's president and CEO.
Author:
Publish date:

Charter Communications

(CHTR) - Get Report

named board member Robert P. May as a temporary replacement to Carl Vogel, who resigned as president and CEO.

May's move was effective immediately, following Vogel's departure, which was "reached mutually by Mr. Vogel and the board." Vogel's contract was due to expire at the end of 2005.

The St. Louis-based broadcasting and cable TV company said it has formed a search committee and will be selecting an executive search firm to "help identify qualified candidates to lead the company on a permanent basis."

Charter has been struggling in recent years with a heavy debt load, increased competition from satellite TV operators and investigations of the conduct of former officers of the company.

Charter did not elaborate on Vogel's departure but said he had agreed to be available to assist the company over the next month for transition purposes. The company only "noted its appreciation for Mr. Vogel's contributions and commitment."

May, who's been on Charter's board since last year, has held senior management positions at such firms as

Cablevision

(CVC)

and

Federal Express

(FDX) - Get Report

, according to the company's new release.

Shares fell 6 cents, or 2.9%, to $1.99 in the premarket.