The executive leadership team of SpinCo continues to coalesce with current Time Warner Cable treasurer and former Insight Communications exec Matthew Siegel slotted for the chief financial officer position.
Charter Communications and Comcast announced this morning that Siegel would assume his new role once the Comcast/Time Warner Cable deal and the Charter/Comcast transactions were completed. In May Comcast and Charter reached an agreement that included selling off 1.4 million Time Warner Cable subscribers to Charter, swapping 1.6 million subscribers between Comcast and Charter and spinning off 2.5 subs to form SpinCo.
The Charter/Comcast transactions are subject to a number of conditions, including the closing of the Comcast/Time Warner Cable merger, and the required regulatory approvals. If all goes as planned, the Charter/Comcast transactions could close early next year.
In the meantime, Siegel will continue to serve as a senior vice president and treasurer for Time Warner Cable.
Last month Comcast and Charter announced that former Insight Communications co-founder and CEO Michael Willner was appointed as SpinCo’s president and CEO.
"Matt's background, expertise in finance and knowledge of the cable industry make him a natural choice to serve as SpinCo CFO," said Willner. "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.
Siegel boarded 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," said Siegel. "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."
Charter Communications will pay $7.3 billion in cash for the former Time Warner Cable systems. Through that part of the deal, Charter’s video customer base will grow from 4.4 million to 5.7 million. http://www.cedmagazine.com/news/2014/04/charter-comcast-strike-a-multi-pronged-deal
Charter will fill three of the nine-member board of directors for SpinCo with Charter president and CEO Tom Rutledge taking one of those slots. Comcast gets to appoint three of the remaining six members of the board and will select three more from a list provided by Charter. These six board members will be independent of both Charter and Comcast.
On the technology and programming fronts, Charter will have a services agreement with SpinCo, which will help both companies achieve greater scale and regional efficiencies.