Charter Communications CEO to step down in April

ST. LOUIS (AP) ? Charter Communications Inc. said Tuesday that CEO Mike Lovett plans to resign in April and the cable company is working on a plan to choose a replacement.

Charter said Lovett, 50, will leave the post April 30, or before then if the company finds a new CEO prior to that date. The company’s board will start considering candidates and Lovett will keep his position during a transition period, Charter said.

The company did not say why Lovett is stepping down, but in a statement Lovett said that he believes now is a good time for him to move on.

Lovett has been at Charter since 2003 and has worked as its chief operating officer. He became president and CEO in April 2010.

Charter’s shares were up 21 cents to $48.65 in extended trading.