Charter Communications said Monday Jeffrey Marcus, currently a partner at Crestview Partners, has resigned from the board of directors.
Marcus joined the Charter board in May 2012. Charter said the departure leaves a vacancy on its 11-member board and a search for his replacement will begin immediately.
In May, Crestview Partners, one of Charter’s largest shareholders, announced that it would sell about 1 million Charter shares in a private placement offering. Charter was to receive no proceeds from the sale. Jeffrey Marcus also founded Marcus Cable, the operator that Paul Allen bought in 1999 and formed the foundation of what was to become Charter Communications.
"My ongoing commitments to Crestview Partners require that I resign from the Board at Charter, but I do so knowing that there is a tremendous management team in place with a clear focus on continuing the transformation that is well under way at Charter," Marcus said, in a statement. "I have been a believer in Charter Communications for quite some time. I leave the board in very capable hands and know that the Company has a clear vision for its future and is on track for continued success.”
"Jeff has been a tremendous asset to the Company over the past eighteen months, and we are sorry that his commitment to Crestview Partners will no longer allow him to continue in his current capacity. I'd like to thank Jeff on behalf of the Board and the Company and wish him continued success at Crestview,” added Charter president and CEO Tom Rutledge.
