Charter names TW Cable board
February 11, 2014
Charter has kept up the pressure on its M&A targets by nominating a fresh board of directors for Time Warner Cable .
Charter has announced a list including eight current or former chief executives, three former Wall Street lawyers and an ex-chief technology officer from TWC.
Among the nominees are media and cable executives Lisa Gersh and Eamonn O’Hare, academic Isaac Corre, and private equity boss Jack Welsh and former vice-chairman of SkyTel.
Other names on Charter’s slate, which will be voted on at TWC’s annual shareholder meeting, expected in May, include Irwin Simon and Dexter Goei, chief executives of Hain Celestial and Altice, respectively. The one month window to nominate a new slate expires this Friday.
The list has been composed to meet the shortcomings Charter has cited with TWC’s board.
None of the proposed board is in the employment of either Charter or John Malone’s Liberty Media, which owns a 27 per cent stake in the company. This compares to a TWC board which counts among its numbers one current and six previous employees of the cable group or an affiliate company.
Rob Marcus, TWC’s chairman and chief executive officer, said: “It is clear that Charter is nominating a slate of directors for the sole purpose of pressuring our Board into accepting the same lowball offer that it previously considered and unanimously rejected.”