Cablevision's Former COO Was Paid $23.19 Million For 2011
04/05/2012| 06:03pm US/Eastern
By William Launder
NEW YORK (DOW JONES)--The former chief operating officer of Cablevision Systems Corp. (>> Cablevision Systems Corporation), Tom Rutledge, received total compensation for 2011 valued at $23.19 million, more than twice that of his boss and ranking him as one of the cable industry's best-paid executives.
Rutledge resigned abruptly from Cablevision last year to become chief executive of Charter Communications Inc. (>> Charter Communications, Inc.), part of a broader management shakeup at Cablevision that has sparked concerns about the cable operator's leadership. The Bethpage, N.Y., company shed more than $500 million in market value in the minutes after Rutledge's departure was disclosed in December.
Shares are down 43% over the last 12 months.
Rutledge's 2011 total compensation included more than $12 million in retirement benefits, after netting out forfeited stock awards, based on terms of an employment contract he negotiated several years earlier. For 2010, Rutledge received total compensation valued at $28.22 million.
Elsewhere within Cablevision, Chief Executive Jim Dolan received total compensation for 2011 valued at $11.45 million, down from $13.44 million a year earlier. Chairman Charles Dolan received $10.97 million for the year, down from a total package valued at $13.77 million for 2010.
Earlier this week, industry peer Time Warner Cable Inc. (TWC) said CEO Glenn Britt received total compensation for 2011 valued at $16.43 million, down around 6% from a year earlier.
-By William Launder, Dow Jones Newswires; 212-416-3412; email@example.com