8-KLeadership ChangesRegulation FD

CHARTER COMMUNICATIONS, INC. /MO/ 8-K Report, Executive Changes (Sep 2, 2004)

Filed September 2, 2004For Securities:CHTR

Summary

Charter Communications, Inc. (CHTR) filed an 8-K on September 2, 2004, to report significant executive changes within its finance department. The most crucial information for investors is the appointment of Derek Chang and Paul Martin as Interim Co-Chief Financial Officers, effective August 25, 2004. This change signifies a transition in financial leadership for the company. The filing details the extensive experience of both individuals. Derek Chang, previously Executive Vice President of Finance and Strategy, brings a strong background in corporate development, M&A, and finance from companies like YES Network and TCI Communications/AT&T Broadband. Paul Martin, who has been with Charter since 2000, moving up to Senior Vice President and Principal Accounting Officer, also has a solid financial and accounting track record. The compensation packages, including base salaries, potential bonuses, stock options, and severance provisions for Mr. Chang, along with special bonuses for both interim officers, are also detailed, providing transparency on the financial arrangements for these key roles.

Key Highlights

  • 1Appointment of Derek Chang and Paul Martin as Interim Co-Chief Financial Officers, effective August 25, 2004.
  • 2Derek Chang, previously EVP of Finance and Strategy, has extensive experience in M&A and corporate development from YES Network and TCI/AT&T Broadband.
  • 3Paul Martin, with Charter since 2000, held the titles of VP & Corporate Controller and SVP & Principal Accounting Officer.
  • 4Mr. Chang's compensation includes a base salary of $450,000, eligibility for bonuses, stock options, and restricted shares with specific vesting conditions.
  • 5Mr. Chang is entitled to a special $150,000 bonus if he serves as Interim Co-CFO through March 31, 2005, or until a permanent CFO is appointed.
  • 6Mr. Martin is eligible for a special $50,000 bonus under similar service conditions as Mr. Chang.
  • 7The filing includes a press release dated September 2, 2004, as an exhibit detailing these appointments.

Frequently Asked Questions

The 8-K filing indicates that Derek Chang and Paul Martin were appointed as Interim Co-Chief Financial Officers effective August 25, 2004. While the specific reasons for this interim appointment are not explicitly detailed, it signifies a change in the company's top financial leadership.

Derek Chang joined Charter in December 2003 as EVP of Finance and Strategy and has a background in corporate development and finance from entities like YES Network and TCI Communications/AT&T Broadband. Paul Martin has been with Charter since March 2000, holding positions such as VP and Corporate Controller, and most recently SVP and Principal Accounting Officer.

Derek Chang receives a base salary of $450,000, is eligible for bonuses and stock incentives, and has specific severance provisions. He is also eligible for a special $150,000 bonus if he continues in the Interim Co-CFO role until March 31, 2005, or until a permanent CFO is appointed. Paul Martin is eligible for a special $50,000 bonus under similar service conditions.

The title 'Interim Co-Chief Financial Officers' suggests that these appointments are temporary. The company is likely in the process of identifying and appointing a permanent Chief Financial Officer, as indicated by the bonus conditions tied to the appointment of a new permanent CFO.