Cable network operator United Pan-Europe Communications NV (UPC) said yesterday that Mr Mark Schneider would step down as the company's chief executive as soon as it had found a replacement for him.
"Mark Schneider... after five years in Europe, has decided to return with his family to the United States," UPC said in a statement. However, it gave no further details on his reason for quitting. The company earlier announced first-half results.
Dutch-based UPC, Europe's largest cable operator, has aggressively expanded its cable operations and has seen investors flee its stock as debts have rapidly mounted on heavy investments, while profitability still seems distant.
So far this year UPC shares lost more than 90 per cent on concerns about its €7 billion debt pile.
"Schneider is someone who is a deal maker who built up the business, and now the company clearly needs to get an operational person who can get the business moving," a London-based analyst said.
UPC saw its net loss in the second quarter widen to €863 million, including a €300 million one-off charge it took in relation to its Priority Telecom unit's stock-swap purchase of US company Cignal in April.
