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Charter’s Board Shakeup Brings Sirius Chief on Board

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Jul. 27 2018, Updated 6:33 a.m. ET

Malone company selling cable assets to Vodafone

Charter Communications’ (CHTR) board of directors is undergoing some changes. Media mogul John Malone, who has been on the board of the telecom company since 2013, is stepping down and Sirius XM (SIRI) CEO James Meyer is taking his place. Sirius XM runs a portfolio of satellite and online radio businesses across the US. The company generated $1.4 billion in revenue in the first quarter, up 6.3% from a year earlier.

Malone is also the chair of Liberty Global (LBTYA), which in May agreed to sell its European cable businesses to Vodafone (VOD) in a deal valued at $22 billion including debt.

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Need to cut down on travel

Malone’s departure from Charter’s board is not a result of any disagreement. Instead, Malone is stepping down from the board to allow him to cut down on his travel and focus on a few board positions. He will continue to serve as Charter’s director emeritus, a position that allows him to attend board meetings but not vote on board matters.

Malone stepped down from Charter’s board just a week after he had departed from the board of entertainment giant Lions Gate Entertainment (LGF.A).

Revenue rose 4.5% at Charter

Malone is retiring from Charter’s board at a time when the company is diversifying its business. Charter recently launched a wireless service, joining cable peer Comcast (CMCSA) in entering the wireless industry. Comcast’s wireless service is based on the network of wireless giant Verizon (VZ).

Charter generated revenue of $10.7 billion and profit of $168 million in the first quarter.

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