Charter modifies bonus program for execs
Charter Communications has adopted a new executive compensation plan as part of its ongoing program of improving its balance sheets. The company’s board of directors, which approved the changes, said the intent is to improve the incentive program for Charter’s executives.
The company said it has issued one last payout under its Executive Cash Award Plan (ECAP), which it will terminate in favor of a new Executive Bonus Plan, according to a Form 8-K (available here) the company filed with the SEC.
Charter provided payments under the old plan to CEO Neil Smit, EVP/COO Michael Lovett, EVP/General Counsel Grier Raclin, $473,452; and CFO Eloise Schmitz.
The new Executive Bonus Plan includes performance metrics and target amounts that are “generally consistent with previously disclosed awards and grants in prior years,” the filing says, but adds provisions for partial payment of bonuses “beginning at 90 percent attainment of the performance metrics.”
The board also approved a restructuring of Charter’s value bonus plan for certain participants, including the named executive officers.
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