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Insight Appoints John Abbot Chief Financial Officer
New York – January 12, 2004 –
Today, Michael S. Willner, President and Chief Executive Officer of Insight Communications Company, Inc. (Nasdaq: ICCI), announced the appointment of John Abbot as Senior Vice President and Chief Financial Officer, effective January 18, 2004.
Abbot joins Insight from Morgan Stanley, where he was a Managing Director in the Global Media and Communications Group of the Investment Banking Division. In his new role at Insight, Abbot will focus on all finance activities of the Company and will have responsibility for financial reporting, interfacing with the financial community and running the capital budget and long-term planning processes. He will also oversee the negotiation and execution of mergers, acquisitions, joint ventures, as well as cable property purchases and swaps. He will be based in Insight's New York office and report to Willner.
"We are very pleased to welcome John to the Insight team," stated Willner. "This year promises to be a pivotal one for our company, and John's background and expertise in corporate finance and investment banking will be a particularly valuable asset as we continue to maintain our focus on operations, reduce costs and achieve positive free cash flow. In addition, we have worked with John and his team at Morgan Stanley for many years now and have a particular appreciation for his extraordinary abilities."
Dinni Jain, the company's Executive Vice President and Chief Operating Officer, has served as Interim Chief Financial Officer for the company since October 9, 2003 and will relinquish that position.
Abbot received as part of his retention package 75,000 shares of restricted common stock, which will vest equally over five years provided he remains an Insight employee.
Insight Communications is the 9th largest cable operator in the United States, serving approximately 1.4 million customers in the four contiguous states of Illinois, Kentucky, Indiana and Ohio. Insight specializes in offering bundled, state-of-the-art services in mid-sized communities, delivering basic and digital video, high-speed Internet and voice telephony in selected markets to its customers.
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