SpinCo, the soon-to-be publicly traded company that will include about 2.5 million subscribers contributed by Comcast and Time Warner Cable after their planned merger is complete, is beginning to flesh out its management team, naming Time Warner Cable senior vice president and treasurer Matthew Siegel as its new chief financial officer.
Siegel will continue to serve as Time Warner Cable SVP and Treasurer until the closing of the Comcast, TWC and Charter communications announced the formation of SpinCo in April in conjunction with its plans to sell, spin and swap roughly 3.9 million customers in the wake of the larger Comcast/TWC merger. The independent publicly traded company will include 2.5 million subscribers in markets like Minneapolis, Detroit and Indianapolis and will be 33% owned by Charter. Charter will have the option of increasing that stake in four years.
Comcast, TWC and Charter named former Insight Communications CEO Michael Willner as CEO of the new venture in May. Several of Insights markets, which were acquired by TWC in 2011 for $3 billion, will be included in SpinCo.
"Matt's background, expertise in finance and knowledge of the cable industry make him a natural choice to serve as SpinCo CFO," Willner said in a statement. "I have known Matt for many years and he is the ideal leader to oversee the financial operations of the new company. I look forward to working with him again."
In his current role at Time Warner Cable, Siegel oversees the Treasury functions, investment management, Real Estate, risk management and the company's supply chain management. He joined Time Warner Cable in 2008 from Time Warner Inc., where he was vice president and assistant treasurer. Prior to joining Time Warner Inc. in 2001, he served as senior vice president of finance and treasurer of Insight Communications.
"I am looking forward to working with Michael and the Board to build SpinCo into a great company," Siegel said in a statement. "My responsibilities at Time Warner Cable will continue to be my primary focus through the close of the transaction, after which I look forward to the work to be done at SpinCo."