Oct. 11 (Bloomberg) -- Charter Communications Inc., the fourth-largest U.S. cable company, said Chief Executive Officer Mike Lovett will step down on April 30, 2012, or earlier.
Lovett, 50, will remain CEO as Charter searches for a successor, the company said in a statement today. Lovett joined Charter in August 2003 and was named president and CEO in April 2010 after serving as the company’s executive vice president and chief operating officer.
Charter, which emerged from bankruptcy in November 2009, may post its first quarterly profit next month since Lovett took over as CEO, according to the average estimate of six analysts surveyed by Bloomberg. The St. Louis-based company lost 80,000 video subscribers last quarter, its largest decline since bankruptcy, as the economy and competitors to cable television eroded its customer base.
“With Charter on strong footing, I believe this is the right time for me to move on to the next chapter of my career,” Lovett said in the statement. The company declined to comment on Lovett’s future.
The decision to leave was Lovett’s, according to Anita Lamont, a company spokeswoman. More than 32 percent of the company’s tradable equity is owned by private-equity firm Apollo Global Management LLC. Marla Sheiner, an Apollo spokeswoman, didn’t immediately return a phone call seeking comment.
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