DIRECTV to leave CEO in place despite end of contract
Editor | 05-11-2012
Even though his current employment agreement is set to expire on 1 January 2013,Michael D White is to continue as chairman of the board, president and chief executive officer of US DIRECTV.
Under White’s three-year tenure, the company claims that it has seen ‘record’ performance levels, with the satellite provider’s stock price increasing 54%, twice that of the general growth in the S&P 500 Index over the same period.
In its last financial posting for Q2 2012, DIRECTTV reported a mixed bag of its first-ever net subscriber loss, losing 52,000 homes in the quarter, but with a 37% increase in subscriptions in Latin America translating to a record 645,000 net additions in Q2, bringing the cumulative subscriber mark to 9 million. The region is now a key territory for DIRECTTV as near saturation of the US DTH market has driven subscriber acquisition costs up. In all, DIRECTV has 33 million customers across the Americas.
Commenting on the appointment, Neil R Austrian, lead independent director of the DIRECTV board, said: "The board is pleased to retain Mike as CEO … Mike has set a strategic direction to continue to increase our value to our customers, strengthen our relationships with the communities that we serve and has led the steady growth of the company during tough economic times. With his top-notch executive team, he's set the tone for collaboration and innovation across the company, and kept us on a course to continue serving the long-term interests of shareholders."