Charter Details Schumm’s Severance2/11/2005 3:10 AM Eastern
Charter Communications Inc. said in a securities filing Friday that it will pay former chief administrative officer Steven Schumm a salary of $450,000 during the next 65 weeks.
Schumm -- who left the company Jan. 28 after Charter eliminated his position -- will also receive a bonus of $15,185 and a one-time payment of $10,347 to cover COBRA health-care-insurance payments.
Any stock options Schumm received during his tenure will also vest during the 65-week period, Charter said in the filing.
Schumm had been with the company since 1998. According to his separation agreement, filed with the Securities and Exchange Commission Feb. 11, Schumm will receive outplacement assistance from the company for nine months, and he has agreed not to work for or provide consulting services during the severance period to Cequel III, the St. Louis-based investment firm headed by former Charter CEO Jerald Kent.