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Charter CEO to resign
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September 24, 2001: 11:39 a.m. ET
Kent to stay on as consultant until end of year; company's stock takes a dive
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NEW YORK (CNNfn) - Cable operator Charter Communications Inc. said Monday Chief Executive Jerry Kent would resign effective Sept. 28, and was also selling his stake in Charter Investments to board Chairman Paul Allen.
Charter Investments is the investment vehicle that holds most of Allen and Kent's interests in the cable company.
Kent, whose contract was slated to expire Dec. 23, said he would not extend his employment contract but would remain as a consultant until the end of the year.
Shares of Charter (CHTR: down $1.85 to $14.15, Research, Estimates) fell $2.25, or more than 14 percent, to $13.75 on the heels of the announcement in morning trade on the Nasdaq.
The company's statement did not give a reason for Kent's decision.
"The Charter board intends to move forward to select a new chief executive officer as quickly as practical," said Allen, who was a co-founder of Microsoft Corp (MSFT: up $1.62 to $51.33, Research, Estimates).
Under Kent's leadership, the company's basic subscribers jumped to 7 million from 1.3 million, following an acquisition spree of more than 14 cable companies.
"Jerry did an excellent job as Charter's chief executive officer," Allen said in a statement. "We are grateful for all that Jerry has done in contributing to Charter's success, and wish him well in whatever new endeavors he engages in."
Kent said in a statement, "As a co-founder of Charter, this was a gut-wrenching decision. I am proud of what the Charter team has accomplished." 
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Charter Communications
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