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Charter Fires COO, CFO; Ups GuidanceCharter Fires COO, CFO; Ups Guidance

Charter fires COO David Barford and CFO Kent Kalkwarf; hires Maggie Bellville and Steven Schumm, respectively, to replace them

December 23, 2002

3 Min Read
Charter Fires COO, CFO; Ups Guidance

ST. LOUIS -- Charter Communications, Inc. (Nasdaq:CHTR) today reported that, following a meeting of its Board of Directors, the company has determined to make a number of changes related to its senior management. The company also said it is proceeding with the re-audit of its 2000 and 2001 financial statements. The company also presently anticipates the growth rate of fourth quarter revenue to be at or near the low end of its prior revenue guidance of 8 to 9%, and fourth quarter operating cash flow to be less than previous guidance. The re-audits of 2000 and 2001, as well as the audit of 2002 results, are expected to be completed in the first quarter of 2003. Accordingly, the company is not planning to provide further specific guidance until the completion of its 2002 audit. Margaret A. "Maggie" Bellville has been named Executive Vice President and Chief Operating Officer. In this capacity, Ms. Bellville will apply her more than 20 years of cable industry experience in operations, business development, marketing, and sales to Charter's business and strategy development efforts. Her expertise includes serving as a former Executive Vice President of Operations for Cox Communications, Inc., the nation's fourth-largest cable television company. Ms. Bellville's joining Charter was announced earlier this month. She succeeds David G. Barford, who had been placed on leave and is now being terminated . Mr. Barford had been Executive Vice President and Chief Operating Officer since July 2000. Steven A. Schumm, Charter's Executive Vice President and Chief Administrative Officer, has been named interim Chief Financial Officer. Kent D. Kalkwarf, who had held the position of Executive Vice President and Chief Financial Officer since July 2000, is also being terminated. Mr. Schumm will serve in this interim capacity pending selection of a permanent Chief Financial Officer. He is a certified public accountant with a strong financial background having, among other things, been managing partner of the St. Louis office of Ernst & Young, where he worked for approximately 25 years. The terminations of Messrs. Barford and Kalkwarf follow a review by the Company of various matters, including those relating to the previously disclosed Grand Jury investigation. The Company has been advised by the U.S. Attorney's office that no member of its Board of Directors, including the Chief Executive Officer, is a target of the investigation. The Company is actively cooperating with the investigation. Carl Vogel, Charter's President and Chief Executive Officer, stated, "These actions with respect to the management changes and the re-audit of the Company's financials are necessary so that Charter Communications can move forward as we focus on building the Company for the future. Maggie Bellville will complement me in setting the course and direction for Charter as we strive to improve our operating metrics and financial performance in the future. Steve Schumm has served the Company in an executive capacity since 1998 and is completely familiar with Charter's business and accounting functions, and he understands the initiatives we are undertaking, both operationally and financially." Charter Communications

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