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NTL CEO Barclay Knapp to Step Down

New York, NY./August 12, 2003/Satnews/   Barclay Knapp to step down as President and Chief Executive Officer of British cable and telecommunications operator NTL. He will continue working at NTL advising on strategy until the year-end. Simon Duffy, currently Chief Operating Officer, will replace him as CEO. Knapp, who co-founded NTL in 1993 will step down at the end of business August 15.  The announcement of Barclay's departure coincided with the release of NTL's  improved second quarter results.

Barclay's successor Duffy,joined NTL last April.  He was  former finance director of mobile phone group Orange SA and worked with  brewer Guinness, music group EMI and Internet firm World Online.

NTL  reported an increase  in second-quarter group revenue to 551.3 million pounds ($886 million), six million ahead of its own forecast, while adding 40,000 net customers. It also  said it is pursuing further financing alternatives to cut its interest payments. Debt now stands at $6 billion, compared with a market capitalization of $2 billion.

NTL underwent major restructuring after filing for Bankruptcy protection last year.  

Barclay Knapp said, "Now is the right time for me to step down as CEO. As the Q2 financial results demonstrate, the Company is back on track and delivering a strong operational performance. I have experienced real highs and lows during my 10 years at NTL and I remain as passionate as ever about the future of cable in the UK. Over the past few months I have been working closely with Simon and I know that he is now ready for the top job."

Simon Duffy added, "I am hugely excited about the challenges ahead. NTL is a great company with enormous untapped potential. I intend to ensure that we deliver it."

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