Charter Communications executive vice president and chief administrative officer Grier Raclin has left the company, and the St. Louis-based MSO has agreed to pay him a severance package worth about $1.7 million, according to documents filed Monday with the Securities and Exchange Commission.
Raclin, who joined Charter in 2005 as general counsel, corporate secretary and chief compliance officer, was previously chief legal officer and corporate secretary for SAVVIS Inc., a St. Louis-based provider of outsourcing services. Charter named Raclin to his latest position in May 2009 and his responsibilities included all government affairs and business development functions for the company.
A Charter spokeswoman said the move has been in the works for several months, adding that Raclin has expressed a desire to return to private practice.
According to the SEC documents filed late Dec. 21, Raclin left Charter on Dec. 15. According to his separation package, Raclin is entitled to twice his annual salary of $486,757 and his annual target bonus of $365,068 until Dec, 15, 2011, ( a total of $1.7 million) payable in bi-weekly installments, subject to a delay in the first payment until June 16, 2010.
Raclin will receive a lump sum bonus payment of $182,534 for the first half of 2009 under the company's executive bonus plan. He will also receive a lump sum payment equal to 24 times the monthly cost at the time of termination for paid coverage for health, dental and vision benefits under COBRA, outplacement services through July 31, 2010 and all remaining hours of accrued and unused vacation.
