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Charter Communications Looks to Retain Workers With New Stock Program
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Good morning, CFOs. Charter Communications sweetens the pot to get employees to stay; Warren Buffett reveals why he stepped down; plus, take our quick reader poll.
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Charter Communications offers internet and pay TV services under the Spectrum brand. The company has roughly 95,000 workers. PHOTO: BLOOMBERG NEWS
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Charter Communications is hoping to get employees to stay put for longer, sweetening the pot with a new stock purchase plan being offered to tens of thousands of workers.
The Stamford, Conn.-based operator of Spectrum internet and pay TV will allow employees to buy stock through payroll deductions, and also receive matching restricted stock units that would fully vest after three years. Under the employee stock purchase plan, or ESPP, employees can contribute up to 15% of each paycheck to buy Charter stock, with a maximum of $5,000 annually. The longer a worker’s been at Charter, the bigger the match they will receive.
“What we wanted with the plan was really to create an environment where employees could see themselves as owners of the company and could be invested in the long-term success of the company,” Chief Financial Officer Jessica Fischer said.
Announced at the end of April, the program is available to employees up to the senior manager level, or more than 95% of its roughly 95,000-person workforce. Directors and executives at higher echelons aren’t eligible as they already receive equity as part of their compensation.
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Content from our sponsor: Deloitte
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A 3-Point Strategy for Enhancing Supply Chain Resilience
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A new study shows how C-suite executives at U.S. manufacturers can prepare for supply chain uncertainties by renewing risk evaluations, applying immediate risk mitigation strategies, and exploring approaches that promote resilience and cost reductions. Read More
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📆 Earnings
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Alibaba Group Holding
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Applied Materials
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Birkenstock Holding
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Cava Group
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Deere
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Doximity
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Walmart
📈 Economic Indicators
The Census Bureau reports retail sales data for April.
The BLS releases the producer price index for April.
The National Association of Home Builders releases its Housing Market Index for May.
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Cisco Systems Names Mark Patterson as Next CFO
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Cisco Systems, the San Jose, Calif.-based networking-equipment company, appointed Mark Patterson to its top finance role, effective July 27. Patterson will succeed Scott Herren, who told the company earlier this month that he decided to retire. Herren will remain with Cisco as an executive adviser through May 1, 2026. Patterson, 55, has held several roles
of increasing responsibility since joining Cisco in 2000. He most recently served as chief strategy officer. At the same time, Cisco appointed Jeetu Patel as its president, effective immediately.
—Connor Hart contributed to today’s Ledger.
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What Else Matters to CFOs
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Warren Buffett at the Berkshire Hathaway headquarters in Omaha, Neb. PHOTO: VINCENT TULLO FOR WSJ
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Warren Buffett can’t put his finger on exactly when he decided to hand over the reins of Berkshire Hathaway to Greg Abel.
But in recent years Buffett observed just how much energy his appointed successor brought to each working day. And how his own days had slowed. The two men were operating at different speeds—increasingly so.
“There was no magic moment,” Buffett, now 94, said in an interview with The Wall Street Journal. “How do you know the day that you become old?”
***
Conservative House members are fuming at some of their Republican colleagues from New York, New Jersey and California, whose insistence on a much larger state and local tax deduction is one of the biggest remaining hurdles to the party’s giant tax-and-spending bill.
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“Uncertainty continues to be a major impediment for small business owners in operating their business in April, affecting everything from hiring plans to investment decisions.”
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—NFIB chief economist Bill Dunkelberg
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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax accounting, regulation, capital markets, management and strategy. Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew. You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
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