Cabler walking financial tightrope
NEW YORK — Third-ranked U.S. cable operator Charter Communications has named Michael P. Huseby its new chief financial officer and exec VP, filling a position left vacant after the abrupt departure last year of Kent Kalkwarf, amid a company accounting scandal.
Reporting to Charter CEO Carl Vogel, Huseby will oversee all accounting matters, financial reporting, financial planning and analysis and information technology.
The Paul Allen-owned cabler has been walking a financial tightrope as it works to reduce the debt on its balance sheet and resolve ongoing Justice Dept. and Securities & Exchange Commission investigations into its past financial procedures.
Huseby previously served as CFO of AT&T Broadband from 1999 until its merger with Comcast in 2001. He also served on the transition team and consulted with Comcast during 2003.
Former CFO Kalkwarf and three other former company execs were indicted last summer on charges of fraud connected with inflating company financials. Charter chief administrative officer Steven Schumm acted as interim CFO until the new appointment.
Charter has already restated its financials for 2000 to 2002 and continues to work to steady its heavily leveraged balance sheet through asset sales and debt refinancing.
Huseby is the second major financial appointment at St. Louis-based Charter after Derek Chang was named exec VP of finance and strategy in early December. Chang, who also reports direct to Vogel, has overall responsibility for treasury and mergers and acquisitions, serving as the primary contact for all banking relationships.