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Last Updated: Tuesday, 12 August, 2003, 10:07 GMT 11:07 UK
NTL boss steps down
NTL CEO Barclay Knapp
Barclay Knapp steered NTL through a restructuring process last year
Barclay Knapp, the chairman and chief executive of troubled cable TV and telephone firm NTL, is stepping down.

The company said on Tuesday that Mr Knapp would make way for its current chief operating officer, Simon Duffy, by the end of the year.

News of Mr Knapp's departure came as NTL said it had cut its losses for the three months to June to 159m ($254m), a 38% decrease on the same period last year.

Sales for the April to June quarter edged slightly higher to 551m, lifted by subscription revenues from 40,000 new customers.

Mission accomplished

Mr Knapp said that he had decided to step down after steering the company through a life-saving restructuring process last year.

"With this quarter's positive results and the favourable conditions I see ahead for NTL, I believe my mission in bringing NTL through its reorganisation has been accomplished," he said in a statement.

NTL, which is listed on the US stock market but has the bulk of its operations in Europe, was forced to seek emergency protection from its creditors last year after nearly collapsing under the weight of a hefty debt burden built up during a costly late 1990s acquisition spree.

Many of the acquisitions were completed at the height of the 1990s technology boom, when company valuations peaked before plunging back to earth in the subsequent bust.

NTL emerged from bankruptcy protection in January this year after its lenders agreed to swap 6.8bn worth of debt for stock, leaving its original shareholders with nothing.

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