Charter Stock Could Return to NASDAQ Soon
Director Appointment Fulfills Listing Requirement
Mike Farrell -- Multichannel News, 7/29/2010 11:55:12 AM
Charter Communications said Thursday that it has named Craig Jacobson to its board of directors, boosting its director slate to 11 members and satisfying the final requirement for the company to regain its listing on the NASDAQ stock exchange.
Jacobson, a founding partner at the Beverly Hills, Calif. law firm Hansen, Jacobson, Teller, Hoberman, Newman, Warren & Richman LLP, has practiced entertainment law for about 20 years. He will also serve as a member of Charter's Audit Committee, joining current independent board members David Merritt and Christopher Temple.
Jacobson's appointment also satisfies the last remaining hurdle to Charter's restatement on the NASDAQ Stock Exchange. Charter fell from the exchange last year after it filed for Chapter 11 bankruptcy protection. Although it emerged from bankruptcy in November, it fell short of the NASDAQ's requirement that at least three independent directors serve on its Audit Committee. Jacobson's appointment appears to fulfill that requirement.
In a statement announcing Jacobson's appointment, Charter said it expects to complete the NASDAQ listing process "in the coming weeks."
"Craig's broad range of legal experience in the entertainment industry will be a distinct advantage for Charter, and he will strongly compliment our other board members," Charter chairman Eric Zinterhofer said in a statement. "I'm pleased that the board's final vacancy has been filled as we continue to support the company's operations and growth."
Charter stock has been trading on a when-issued basis on the over the counter market since December, under the symbol "CCMM," and was trading at $36 per share, up 50 cents (1.4%) in early trading Thursday. Charter has requested that it return to the exchange under its previous symbol "CHTR."
In a separate announcement, Charter said it has named senior vice president, controller and chief accounting officer Kevin Howard as interim chief financial officer, effective Aug, 1.
Howard will continue in his previous roles as well as filling in as CFO as Charter searches for a replacement for outgoing CFO Eloise Schmitz. In April, Schmitz announced that she would leave the company when her contact expires at the end of July. Howard joined Charter in 2002.
"Kevin's strong financial background coupled with his knowledge of both our company and the dynamic landscape of our industry make him the ideal candidate to fill the interim Chief Financial Officer role," Charter CEO Mike Lovett said in a statement. "We are pleased to have an executive of Kevin's caliber within our organization that can step up to serve in this position while we continue our search."
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