Charter Communicatons CEO Lovett stepping down

Charter Communications (Nasdaq: CHTR) CEO Michael Lovett, who helped lead the MVPD out of bankruptcy, is stepping down from his post, saying it "was the right time" to move on.

Lovett, citing personal reasons, will leave the company no later than April 12, according to reports. He was CEO for 18 months, having previously been the company's COO. He replaced Neil Smit, who left Charter to head Comcast (Nasdaq: CMSCA), in 2010. Lovett was the company's COO when it declared bankruptcy, from which it emerged in 2009.

"Charter has made significant progress on our longer-term strategic initiatives and has become a stronger, better positioned company with solid results and extremely talented people," Lovett said in a statement. "With Charter on strong footing, I believe this is the right time for me to move on to the next chapter of my career."

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